Liz Truss vows to shed EU shackles in bid to unlock Britain’s post-Brexit potential

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Liz Truss vows to shed EU shackles by the end of next year in a bid to unleash Britain’s post-Brexit potential, should she become next PM

  • Liz Truss has pledged to review 2,400 pieces of EU legislation still on the UK books
  • The move could save businesses and consumers billions of pounds, his camp said
  • His rival Rishi Sunak has also pledged to review the remaining European laws
  • Team up one-on-one to become the next Prime Minister in the September vote

Last night Liz Truss promised to unlock Britain’s post-Brexit potential by completely freeing the UK from the shackles of Europe.

In a move to pump billions into the economy, the Foreign Secretary has announced plans to review 2,400 pieces of legislation left over from Britain’s decades of EU membership by the end of next year.

Those deemed to be holding Britain back will be scrapped or replaced with regulations better suited to the UK economy.

Campaign sources said 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 UK infrastructure – a move which ministers say could unlock billions in private sector capital.

Foreign Secretary Liz Truss has announced plans to review 2,400 pieces of legislation left over from Britain’s decades of EU membership by the end of next year if she wins the Tory leadership .

Campaign sources said the move could save businesses and consumers billions of pounds and make the UK a more attractive place to invest.

Campaign sources said the move could save businesses and consumers billions of pounds and make the UK a more attractive place to invest.

EU import rules could be adjusted or removed to reduce the cost of food, while a more liberal regulatory regime for GM crops could also allow cheaper food to be produced.

Streamlining EU import controls could also reduce the cost of goods from around the world, and ‘heavyweight’ rules on emerging technologies could be relaxed to allow the introduction of developments such as spraying crop precision by drones.

The remaining European regulations also continue to prohibit the sale of more powerful vacuum cleaners and prohibit the use of imperial measures to sell most goods.

Miss Truss said: ‘As Prime Minister, I will unleash Britain’s full potential post-Brexit and accelerate plans to remove EU law from our laws so we can drive growth and pull the plug on make the most of our new freedoms outside the EU. .

“I have proven as Trade Secretary and Foreign Office that I am the candidate who can be trusted to deliver on the Brexit promise and make Britain the fastest growing and most powerful power. high productivity.

“European regulations are hampering our business and this must change. In Downing Street, I will seize the opportunity to deviate from outdated European legislation and frameworks and take advantage of the opportunities that lie before us.

Although Britain left the EU in 2020, around 2,400 regulations have been copied into the UK lawbook to avoid disruption.

Miss Truss rival Rishi Sunak has also pledged to review remaining EU laws and said this week he would set up a new ‘Brexit delivery department’ to meet regulations in his first 100 days in office. one per hour.

Miss Truss rival Rishi Sunak has also pledged to review remaining EU laws and said this week he would create a new

Miss Truss rival Rishi Sunak has also pledged to review remaining EU laws and said this week he would set up a new ‘Brexit delivery department’ to meet regulations in his first 100 days in office. one per hour.

Brexit Opportunities Minister Jacob Rees-Mogg has pushed for the laws to be revised or scrapped where they hold Britain back. But the plan was scaled back last month following protests from ministers including Environment Secretary George Eustice, whose department is responsible for overseeing nearly 600 regulations, many of which relate to jobs, health and safety. security.

But Miss Truss has now pledged to continue the program in full if she wins the leadership contest.

Mr Rees-Mogg said that while many of the regulations seemed “marginal” taken in isolation, they “would combine to usher in a revolution: not a French-style revolution with blood flowing in the streets and the terror of the guillotine, but a british revolution style revolution where marginal improvements move inch by inch so that soon we will have feet covered, and feet will become yards, and yards will become chains, then stadia and miles, until the journey is over.” Meanwhile, Miss Truss has faced questions over her tax plans after an economist backing her proposals suggested interest rates could rise to as much as 7%. Mr Sunak said warned that his plan to cut taxes by more than £35billion could drive up interest rates.

But Patrick Minford, an economist quoted by Miss Truss, told The Times that keeping taxes low was “the key to growth”. “I’m glad she got the point,” he said.

“Yes, interest rates need to rise and that’s a good thing. A normal level is more like 5-7% and I don’t think it will be a bad thing if we get back to that level.

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Big business supports his wish to cut taxes

Last night business leaders announced their support for the next UK Prime Minister to cut taxes.

The issue has become central to the struggle for Conservative leadership.

And Wetherspoon boss Tim Martin and Pimlico Plumbers founder Charlie Mullins have both indicated their support for the Foreign Secretary.

Liz Truss wants to scrap a planned corporate tax hike, scrap a recent National Insurance hike and give households a one-year break from paying green levies on energy bills. His tax cut plans amount to £35billion.

Mr Mullins, who sold Pimlico Plumbers for £145m last year, said cuts were needed ‘as soon as possible’ and Miss Truss’ plans ‘are the right ones’. He added: “I don’t trust Sunak. He says we can’t make 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 sound economic plan. Rishi and Boris didn’t really have any. Maybe Liz could create one.

Clive Watson, Executive Chairman of the City Pub Group, added: ‘I sort of agree with what Liz Truss is saying about lowering taxes. But I also agree with Rishi Sunak that inflation must be brought under control.

Wetherspoon boss Tim Martin has indicated his support for the Foreign Secretary over his pledge to cut taxes

Wetherspoon boss Tim Martin has indicated his support for the Foreign Secretary over his pledge to cut taxes

Justin King, the former chief executive of Sainsbury’s who now sits on the board of Marks & Spencer, said he backs a reduction in National Insurance – “at least” reversing the recent increase. But he added: “Otherwise the money should be targeted to those who need it most in the cost of living crisis.”

John Longworth, the former head of Britain’s Chambers of Commerce who resigned in support of the Brexit campaign in 2016, said the government must “cut back as soon as possible”.

Mr Longworth, who started as an entrepreneur in science and now runs a support network for family businesses, said maintaining a cap on corporation tax would encourage investment. He also called on the government to reduce fuel taxes and green levies as well as reduce income tax.

He said the Treasury already had £30bn of ‘headroom’ because the economy had done better than expected – and more could be found by reducing the size of government.

Warren East, chief executive of aero-engine giant Rolls-Royce, said his company would work with whoever becomes the Tory leader, but he would “of course” like the company to pay less tax.

Business Secretary Kwasi Kwarteng told Sky News yesterday: ‘Boris Johnson indicated a few weeks ago that he was looking to make these tax cuts, and Liz will deliver on them.

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