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Department of Economics

Parliamentary inquiry into the UK's economic security takes evidence from Prof Dennis Novy

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Parliamentary inquiry into the UK's economic security takes evidence from Prof Dennis Novy

Wednesday 31 Jan 2024

Speaking to a joint committee of both Houses of Parliament on the first session of its new inquiry into the UK’s economic security, Professor Dennis Novy highlighted the importance of the UK working with like-minded allies on trade policy and urged the government to “make serious strategic investment” in data skills and data availability in order to become “fit for the digital age.” He also called for greater clarity on the UK’s long-term international trade strategy in an increasingly volatile world.

The Joint Committee on the National Security Strategy (JCNSS) was created in the 2005-10 Parliament to assess and review aspects of the UK’s National Security Strategy. Its new inquiry aims to take stock of the UK’s economic security, and ask whether the Government has the necessary powers and capabilities in place to intervene in the economy on national security grounds, to enforce economic deterrence measures and enhance economic resilience.

Professor Novy was invited to give evidence alongside Agathe Demarais, Senior Policy Fellow at the European Council on Foreign Relations, and John Gerson, Visiting Professor at The Policy Institute, King’s College London in a session focusing on foreign affairs and international political economy.

He said: "It is important that Parliament is launching an inquiry into the UK's economic security. We live in volatile and uncertain times, and our economy needs to be able to adjust to unexpected shocks and events. It will be a crucial part of the strategy to work with our allies and focus on the UK's economic strengths, especially in the services sector and in services exports. We also need to improve our ability to harness micro-evidence from large-scale data sets so that we have a more detailed picture of what is going on in the UK economy and how policy choices can make it more secure."