Liz Truss last night vowed to unleash Britain’s post-Brexit potential by completely freeing the UK from Europe’s shackles.
In a move designed to pump billions of dollars into the economy, the foreign secretary has set out a plan to review 2,400 pieces of legislation left over from decades of Britain’s EU membership by the end of next year.
Regulations believed to be holding the UK back will be scrapped or replaced with regulations more suited to the UK economy.
Campaign sources say the move could save businesses and consumers billions of pounds, and make the UK a more attractive place to invest.
The proposals include scrapping EU rules that prevent pension and insurance companies from investing in British infrastructure – a move ministers believe could unlock billions of dollars in capital Private area.
Foreign Secretary Liz Truss has set out a plan to review the 2,400 pieces of legislation left over from decades of Britain’s EU membership by the end of next year if she wins Tory leadership.
Campaign sources say the move could save businesses and consumers billions of pounds, while making the UK a more attractive place to invest
EU import rules could be adjusted or eliminated to cut food costs, while a more liberal regulatory regime for genetically edited crops could also allow food production actually cheaper.
Streamlining EU import controls could also cut the cost of goods from around the world, and ‘bossy’ rules on emerging technology could be relaxed to allow Developments such as precision spraying by drones are included.
Leftover EU regulations also continue to forbid the sale of more powerful vacuums and prohibit the use of imperial measures to sell most goods.
Miss Truss said: ‘As prime minister, I will unleash the full potential of post-Brexit Britain and accelerate our plan to remove EU law from our regulation book so we can promote promote growth and make the most of the new freedoms found outside the EU.
‘I have demonstrated as Trade Secretary and at the Foreign Office that I am a candidate who can be trusted to deliver on the promise of Brexit and make Britain a more productive, higher-growth power. higher capacity.
‘EU regulations impede our business and this must change. At Downing Street, I will seize the opportunity to break free of outdated EU frameworks and rules and take advantage of the opportunities we have in front of us. ‘
Although the UK leaves the EU in 2020, around 2,400 regulations have been copied into the UK’s regulation book to avoid disruption.
Miss Truss rival Rishi Sunak also pledged to review the remaining EU laws and said this week he would set up a new ‘Brexit Delivery Division’ to pass regulations in a hundred first day at a rate of once an hour.
Miss Truss rival Rishi Sunak also pledged to review the remaining EU laws and said this week he would set up a new ‘Brexit Delivery Division’ to pass regulations in a hundred first day at a rate of once an hour.
Brexit Opportunities Minister Jacob Rees-Mogg has pushed for the laws to be reviewed or removed in case they are holding Britain back. But the plan was scaled back last month following protests from ministers, including Environment Secretary George Eustice, who is responsible for overseeing nearly 600 regulations, many of which relate to work, health and safety.
But Miss Truss has now pledged to push the plan fully if she wins the leadership contest.
Mr Rees-Mogg said that while many of the regulations may seem ‘offline’ separately, they will ‘combine to usher in a revolution: not a French revolution with blood running in the streets and the horror of the guillotine, which was a British revolution. – a style revolution whereby innovations move inch by inch so that soon we will cover the foot, and the foot will become a ruler, and the ruler will become a chain and then lengthen miles, until the journey is complete’. Meanwhile, Miss Truss faces questions about her tax plans after an economist backing her proposal suggested interest rates could rise as high as 7%. Mr Sunak has warned that her more than £35bn tax cut plan could push up interest rates.
But Patrick Minford, an economist quoted by Miss Truss, told The Times that keeping taxes low is ‘the key to growth’. “I’m glad she got the point,” he said.
‘Yes, interest rates have to rise and that’s a good thing. The normal level is around 5 to 7% and I don’t think it will be that bad if we go back to that level. ”
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Big business backs her tax cut vow
Business leaders last night signaled their support for Britain’s next prime minister’s tax cut.
The issue has become central to the Tory leadership controversy.
And Wetherspoon boss Tim Martin and Pimlico Plumbers founder Charlie Mullins both showed their support for the Secretary of State.
Liz Truss wants to cancel plans to raise corporate taxes, drop the recent national insurance increase and give households a year off work to pay green fees on energy bills. Her plan to cut taxes is up to £35 billion.
Mr Mullins, who sold Pimlico Plumbers for £145m last year, said cuts were needed ‘as soon as possible’ and Miss Truss’ plan ‘is right’. He added: ‘I don’t trust Sunak. He said we couldn’t make any cuts. ‘
Mr Martin, who bought his first pub in 1979 and now runs a chain of more than 850, said: ‘Yes, you can cut taxes to stimulate business – but only if you have a plan. sound economic plan. Rishi and Boris don’t really have. Maybe Liz can put one together. ‘
Clive Watson, executive chairman of the City Pub group, added: ‘I agree with what Liz Truss said about tax cuts. But I also agree with Rishi Sunak that inflation must be controlled. ‘
Wetherspoon boss Tim Martin has shown his support for the Secretary of State over her pledge to cut taxes
Justin King, a former Sainsbury’s chief executive who now serves on the board of Marks & Spencer, said he supported cuts to national insurance – at least reversing recent increases. But he added: ‘Otherwise, the money should be targeted at those who need it most during the cost of living crisis.’
John Longworth, a former British Chamber of Commerce director who quit to support the Brexit campaign in 2016, said the Government must ‘cut as soon as possible’.
Mr. Longworth, who started out as a science entrepreneur and now leads a network that supports family businesses, said keeping corporate taxes private would encourage investment. He also called on the Government to cut fuel tax and green tax as well as cut income tax.
He said the Treasury had a ‘gap’ of £30bn because the economy had performed better than expected – and that could be more found by downsizing the state.
Warren East, chief executive of aircraft engine giant Rolls-Royce, said his company would work with whoever becomes leader of the Conservative Party but he ‘of course’ wants to see the company pay. less tax.
Business Secretary Kwasi Kwarteng told Sky News yesterday: ‘Boris Johnson indicated a few weeks ago that he is looking to cut those taxes and Liz will deliver on them.’
