I am very pleased to report the successful outcome of our campaign against proposals to create a broad and ill-defined Foreign Influence Registration Scheme (FIRS) within the National Security Bill.
Amendments were passed last week in the House of Lords to ensure the legislation remains focused on its original core purpose of restricting the activity of ‘foreign powers’ and takes our members out of scope of the Scheme, enabling firms across the industry to continue operating and investing within the UK.
This outcome overturns previous amendments introduced to the Bill by the government in late 2022 which would have placed onerous restrictions on non-UK entities, and ultimately disincentivised investment. It is a major change in government policy.
Since the proposal was raised, we were quick to help organise and lead a coalition of members, industry partners and trade associations – including many outside our industry, to highlight this issue and our concerns across government, with peers, the Security Minister and other key stakeholders. It has been an excellent example of what industry can achieve with a common goal.
What will the Chancellor, the Rt Hon Rachel Reeves MP, reveal in her Mansion House speech?
The Chancellor’s Mansion House address is a pivotal event for the financial and related professional services industry. We have been engaging with HM Treasury to set out four key policy areas for strong partnership between the government and our industry aimed at promoting inclusive growth across the UK.
