UK NSIA Annual Report 2025-26 : Rising filings, targeted intervention and a growing focus on strategic technology

The UK Government has published its fifth annual report on the operation of the National Security and Investment Act 2021 (“NSIA”), covering the period from 1 April 2025 to 31 March 2026. Notification volumes continue to increase, but intervention remains relatively rare. The report provides insight into the Government's evolving national security priorities, particularly in relation to advanced technologies, strategic know-how, data infrastructure and critical capabilities.

The message for investors is clear: the UK is open to investment, but deals involving sensitive technology, advanced materials, critical infrastructure, data assets, defence supply chains or higher-risk investor profiles are likely to attract greater scrutiny and longer review periods.

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