Brexit: UK 'remains as a top financial market' says Powell
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Prime Minister Boris Johnson is preparing to cut some EU regulations this week as part of his plan to boost the UK economy post-Covid. A new draft consultation from the Government will outline a series of proposals for a “one-in-two-out” approach on red tape. The plan will aim to ensure there is a ”swift and rigorous” review of new rules and regulations.
This would replace the current rule on reviewing regulations five years after they are introduced.
A UK Government source said the legislation would help keep the UK at the “forefront of global innovation” as the economy recovers from the devastating pandemic.
They told the Express: “Now is the right time to modernise our approach to regulation, as we recover from Covid and seize the opportunities of being an independent nation.
“The last thing we want is for red tape to hold our businesses back from new opportunities.
“We’re looking at ambitious reforms which mean we can free ourselves from unnecessary EU laws, and meet the Prime Minister’s bold ambitions and ensure that the UK is at the forefront of global innovation.”
The strategy is reported to have been approved by Mr Johnson’s Committee on Better Regulation.
It also outlines a number of methods to ensure regulations do not burden UK businesses.
FOLLOW OUR LIVE UPDATES HERE:
Source: Read Full Article