The committee called on the government to “urgently” publish its semiconductor strategy, which was first announced two years ago, or otherwise risk the development of the UK’s burgeoning industry.

The committee published a response to the government’s stocktake of the industry in November 2022, but it expressed disappointment that its recommendations had not been fully addressed yet.

The key recommendations included better co-operation with allies to safeguard supply and to secure inward investment. The committee also cast doubt on whether government support for the industry was sufficient to have any meaningful effect.

China is the largest producer of semiconductors globally, followed by South Korea. The US also has a manufacturing base that largely specialises in producing complex, high-value chips.

In recent years, the sector has faced significant challenges, with market distortions and geopolitical pressures around technology growing alongside the...