Finance Expert: London needs rid of EU red tape to keep on top
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A 70-page report by Tory MP John Penrose calls for “a ‘Brexit Dividend’ by replacing bureaucratic EU rules with modern, digital equivalents”. He said leaving the EU could act as “a springboard of renewed energy and dynamism” to seize new opportunities.
The Conservative has spent almost six months working on the ‘Power to the People’ independent report on behalf of Chancellor Rishi Sunak and the Business Department.
His proposals include ripping out EU regulation slowing business down with a “one-in-two-out” target for any new rules.
He criticised Brussels bureaucratic rules that “slows businesses down” and causes important aspects of the economy to be “held back” from booming.
Mr Penrose called on the Government to make reforms that would work “in favour of consumers rather than companies” to build a post-Brexit society that “will be both happier, fairer and more just” for Brits.
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Mr Penrose said there should be more action to help protect consumers, including the introduction of rules which would end the so-called loyalty penalty.
UK consumers are believed to lose around £3.4billion when they stay with their electricity or phone supplier, among others, on a worse deal than new customers are being offered.
The publication of the report comes as former Conservative leader Iain Duncan Smith leads a review on behalf of the Government in how to best make use of the UK’s freedoms outside the EU.
Last month, Business Secretary Kwasi Kwarteng denied there would be a “bonfire of rights” for employees as the Government looks to increase competition outside of the EU.
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He said: “I made it very very clear to officials in the department that we’re not interested in watering down workers’ rights.
“I can’t have been more clear about this on a number of occasions.
“I’ve said repeatedly that Brexit gives us the opportunity to have higher standards and a higher growth economy and that’s what officials in the department are 100 percent focused on.”
Following the publication of Mr Penrose’s report on how to boost competition post-Brexit, Mr Kwarteng said he would “consider John’s recommendations and respond in due course”.
He added Brexit and the recovery from coronavirus was a “golden opportunity” to overhaul business rules and regulations.
The Business Secretary said the UK could now “promote productivity, reward and encourage innovation and, most importantly, get consumers a better deal”.
Chancellor Rishi Sunak said: “This Government continues to champion British businesses as demonstrated by our unprecedented £280billion package of support throughout the pandemic.
“We must strengthen competition in our economy as we build back stronger from COVID-19 and protecting consumers will remain at the heart of this important work.”
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