PRITI Patel is to bring in sweeping powers to protect British companies from being ripped off by hostile Chinese rivals.
Tough laws will stop Beijing-backed firms taking over UK businesses and stealing their ideas.
Home Secretary Ms Patel said Britain is “completely geared up” to better protect itself against such “pernicious behaviour”.
Under the shake-up, sanctions will be imposed on spies and their governments to curb hostile activities in the UK.
Ms Patel said: “You’ve got to have effective sanctions and tools that are deployed. We’ve seen China responsible for all sorts of actions even through Covid.”
The Bill will also include greater screening of overseas investment to protect critical industries.
The act comes after both Britain and France announced they will phase China’s Huawei out of their 5G networks by 2028.
The EU is also adopting tough measures on foreign investment to stem the tide of Beijing-backed takeovers.
Ms Patel also insisted the UK is now in a much better position to counter Russian interference in our democracy.
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