UK deputy prime minister warns about growing economic threats from state-based actors

LONDON

The UK deputy prime minister delivered a stark warning Thursday about the escalating economic risks posed by state-based actors and their proxies.

Oliver Dowden in a written statement, emphasized the urgent need for heightened vigilance and adaptive strategies to safeguard the UK’s economic security in the face of evolving threats.

Highlighting the interconnectedness of the global economy, Dowden underscored the vulnerabilities inherent in maintaining openness while confronting "hostile actions from countries like Iran, Russia, and China."

He pointed to recent events such as the coronavirus pandemic and Russia's invasion of Ukraine as stark reminders of the fragility of global supply chains and the potential for exploitation by adversarial forces.

"While we won’t decouple from the global economy, we must de-risk," said Dowden, emphasizing the imperative to continuously adapt rules and protections to address emerging threats.

He stressed the need for resilience in the face of geopolitical competition and tension, likening the current landscape to levels not seen since the Cold War.

The speech outlined the multifaceted nature of the challenges facing the nation's economic security, spanning inbound and outbound investment flows, imports and exports, and academic collaborations.

Dowden warned that as protections increase in one area, new routes of attack emerge, necessitating a responsive and agile approach.

"We have demonstrated our strength in the face of these challenges," he said, noting the nation's ability to restore stability after the shocks of COVID-19 and Russia's aggression.

He cautioned, however, against complacency, citing ongoing threats from state and non-state actors in the cyber and economic domains.