Boris urged to cut EU red tape to boost UK economy and innovation after Brexit | United Kingdom | New
The Prime Minister has appointed a special task force to explore ways in which the UK could use its new regulatory freedoms to boost business dynamism. Chaired by former Conservative Party leader Sir Iain Duncan Smith, the task force on innovation, growth and regulatory reform released its conclusions on Tuesday. The group claimed that Brexit offered a “unique opportunity” to create a new regulatory framework to encourage innovation, growth and foreign investment.
The authors of the task force called on the government in particular to demolish EU data protection laws, as well as make it easier for pension funds to invest in fast-growing technology companies.
They argued that the EU’s “precautionary principle” was stifling British businesses and should be replaced by a British “proportionality principle”.
The âprecautionary principleâ is enshrined in EU law and constitutes a comprehensive approach to the regulation of innovation.
Critics have called him unscientific and reactionary.
In an editorial for the Daily Telegraph, members of the task force wrote: âIn an era of extraordinarily rapid technological change, the freedom to set our own regulatory standards offers enormous opportunities.
âAs the EU has enlarged, its internal processes have become slower and more bureaucratic and its ‘precautionary principle’ approach has become an excuse for neglecting the role of regulation in economic competitiveness.
READ MORE: ‘We don’t need the EU anymore’ – Boris backs trade deal with Australia
Earlier this week, the Prime Minister sealed the deal on a new trade deal between the UK and Australia.
The deal is the first tailor-made trade deal signed by the UK since leaving the EU.
The pact will cover British products such as cars, Scotch whiskey, cookies and ceramics.
The government sees the agreement as an important step towards the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP).