Watch as Oliver Dowden speaks on economic security at Chatham House

Watch as Oliver Dowden delivers a speech on economic security on Thursday 18 April.

Britain needs to boost its economic defences to counter the “security risks” of globalisation, the deputy prime minister warned.

Mr Dowden set out plans to bolster the UK’s ability to deal with “economic security shocks” such as the rise in energy prices following Russia’s invasion of Ukraine.

He told the Chatham House think tank that “while the financial crash exposed the economic risks of globalisation, today’s rising geopolitical competition is demonstrating the security risks behind such integration”.

“We must be clear-eyed that one of the great strengths of our system is its openness, but that also brings vulnerabilities,” he added.

Mr Dowden was also expected to set out a review of export controls of emerging technologies and the risks from UK businesses investing overseas.