UK to announce laws to prevent foreign takeovers posing national security risk – The Times

According to the latest story carried by The Times newspaper, the UK Prime Minister (PM) Boris Johnson is considering imposing tough laws to prevent foreign takeovers that pose risks to national security amid growing concern about the influence of China, per Reuters.

Key takeaways

“Johnson is said to be pressing for legislation to make it mandatory for companies to report attempted takeovers which could give rise to security risks, backed by the threat of criminal sanctions.

Companies that fail to report takeovers or ignore conditions imposed by the UK government after takeovers could see their directors jailed, disqualified or fined.

The prime minister also wants academic partnerships and research projects to be included under the rules.”

This report comes as the US and UK Conservatives Party lawmakers have alleged China’s tech giant, Huawei, of using equipments for spying.

GBP/USD outperforms in Asia

GBP/USD is off the highs but hovers around 1.2700 amid a 50-pips rebound seen so far from Friday’s decline. The economic re-opening up optimism continues to underpin the sentiment around the pound.

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