Contractors linked to hostile foreign powers such as China will be targeted by a new security taskforce if Labour wins the next general election. In a joint initiative from the shadow home secretary, Yvette Cooper, and the shadow chancellor, Rachel Reeves, the new body will aim to anticipate risks to Britain’s national security. It comes just days after the deputy prime minister, Oliver Dowden, said China represents the “largest state-based threat” to Britain’s economic security. The government intervened in eight attempted takeovers of UK firms by Chinese buyers last year over national security fears. The taskforce will examine reliance on foreign contractors in public procurement. It follows the revelations that the police network in England and Wales is vulnerable to spying because of reliance on Chinese-made technology and the row over Huawei’s contract to roll out 5G across the UK. In a speech at the defence and security thinktank the Royal United Services Institute [RUSI] on Monday, Cooper will make the case that economic security and national security go hand in hand. “Britain has some of the best security agencies in the world, but we face new threats and risks – including economic threats to our national security – which can’t simply be dealt with through traditional intelligence methods. The government is failing to get ahead of the economic risks to our domestic security, which has meant that our response to a fast-changing security landscape has often been disjointed, disorganised and delayed. “This new taskforce will ensure we are acting to stop Britain being a safe haven for criminal money from serious organised crime, terrorism or hostile states, as well as ensure we are preparing for the threats of the future including in sensitive supply chains,” she said. The new body will also target money laundering on behalf of terror groups, organised criminals and individuals connected to state threats. The National Crime Agency estimates that £12bn of criminal cash is generated in the UK and hundreds of billions of pounds of money is laundered each year. Members of the taskforce will include ministers, members of the security services, the National Crime Agency and businesspeople, Labour said. Cooper will also announce plans for a law to stop extremist groups using AI for radicalisation and terror threats. “Labour will criminalise those who purposely train chatbots to spout terrorist material, with stronger action to monitor and stop radicalising chatbots that are inciting violence or amplifying extremist views,” she will say. The shadow home secretary will build on the argument put forward by the shadow chancellor in Washington DC in May that geopolitics and the rapid advance of new technology require a more active state and a renewed commitment to the development of strong partnerships with international allies. She will say that Labour will seek to build a new consensus on national security, governing in the public interest rather than pursuing division or short-term games. Reeves said: “For too long the economic and financial security of our country has been weakened. “In the face of an uncertain world, the work of Labour’s new taskforce will not only prioritise our economic strength and resilience, but also protect Britain against wider criminal and security risks so families can feel more secure across the board.”