The Year in Review: UK Foreign Direct Investment Regime set for Reform

On 22 July 2025, the UK Government published its fourth Annual Report on the operation of the National Security and Investment Act 2021 (NSIA). On the same day, the Labour administration unveiled proposals to reform the NSIA regime, with a view to reducing the burden on business. In the attached are selected headlines and notable takeaways from the latest Annual Report, including a comparative, year-on-year assessment of notable trends. With an eye to proposed reforms, key points are highlighted that are relevant to M&A planning in the near-term.