The leadership hope has pledged to remove or replace legislation seen as a barrier to the UK’s economic growth. The announcement comes as the two final candidates to be the UK’s next prime minister came to blows this week over their tax proposals, with Rishi Sunak warning of a ‘huge wave of borrowing’ as Ms Truss defends her £30billion tax cut plans.
The Foreign Secretary’s campaign team said on Friday it believed a “bureaucratic bonfire” would encourage business investment and spur growth.
Mrs frameworkwho voted to Remain in the 2016 Brexit referendum, presents herself as the “best candidate to seize the opportunities of Brexitin a bid to win the votes of Tory MPs who will determine the winner of the race for No 10.
Ms Truss said if elected she would set an end-2023 deadline for each piece of EU-derived trade regulation and assess whether it boosts domestic growth or investment.
Industry experts would be tasked with creating “better local laws” to replace those that fail the test, if not scrapped altogether.
Ms Truss said: “As Prime Minister, I will unleash Britain’s full potential post-Brexit and accelerate plans to remove European law from our laws so that we can drive growth and leverage the 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.
“EU regulations are hampering our business and that must change. At Downing Street, I will take the opportunity to move away from outdated EU legislation and frameworks and capitalize on the opportunities that lie ahead.”
Joe Tomlinson, professor of public law at the University of York, told Express.co.uk the pledge represents “business as usual” for the government, apart from setting a deadline. He acknowledged that a delay would be helpful but questioned whether there would be enough time to complete the review by the end of next year, particularly in light of government plans to reduce the number of officials.
Professor Tomlinson speculated that to replace retained EU legislation you would want experts to suggest ways for the UK to gain a competitive advantage, but it takes time to get it right. He explained that the examination of a single EU regulation would require an analysis of the potential economic impact, involving the study of data as well as the consultation of stakeholders.
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Professor Tomlinson said it would be difficult for the government to deliver on Ms Truss’s commitment on time. He added: “At the end of the day, there has been a lot of talk about Brexit opportunities and few concrete examples. There is a lot of generalized talk about EU regulations and bureaucracy, but when you look at these things, a lot makes sense.
“Finding opportunities in this field might be a little harder than a lot of people realize.”
Mr Sunak has said he will appoint a Brexit minister to review the remaining 2,400 EU laws still on the law book if he beats Ms Truss in the contest to replace Boris Johnson. The minister is expected to set out the first set of recommendations for the rules to be scrapped or changed within 100 days of Mr Sunak entering No 10.
Ms Truss also said she would scrap EU Solvency II rules. These require pension funds and insurers to set aside capital to prove they can withstand a major shock. The Foreign Secretary argued that this would ‘unlock billions in investment in UK infrastructure’, but she would introduce new regulations to preserve Solvency II’s original aim of protecting people’s investments.
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Mr Sunak also pledged to abandon Solvency II regulations to help investors invest in infrastructure assets.
Ms Truss’s engagement comes after former Brexit minister Lord Frost announced in September a review of the substance of Retained European Law (REUL) with the aim of determining which departments, policy areas and sectors of the economy have the most.
The government published the results of the review in June, saying the creation of a catalog of REUL was the first step in accelerating regulatory reform and reclaiming the UK law book.
Ministers said in a statement last month that the government would introduce its Brexit Freedoms Bill, which aims to make it easier to amend, repeal or replace REUL to meet “regulatory, economic and environmental priorities ” from the United Kingdom.
However, some warn that the bill could increase the power of ministers to make major policy changes via delegated legislation with less scrutiny from parliament.
The two final candidates for Prime Minister will tour the UK over the summer to take part in 12 roundups in front of Conservative Party members.
The country will find out who won the leadership race on September 5.