Brexit: UK ‘remains as a top financial market’ says Powell
Prime Minister Boris Johnson is preparing to cut some EU regulations this week as part of his plan to boost the UK economy post-Covid. A new draft consultation from the Government will outline a series of proposals for a “one-in-two-out” approach on red tape. The plan will aim to ensure there is a ”swift and rigorous” review of new rules and regulations.
This would replace the current rule on reviewing regulations five years after they are introduced.
A UK Government source said the legislation would help keep the UK at the “forefront of global innovation” as the economy recovers from the devastating pandemic.
They told the Express: “Now is the right time to modernise our approach to regulation, as we recover from Covid and seize the opportunities of being an independent nation.
“The last thing we want is for red tape to hold our businesses back from new opportunities.
The UK is poised to finally shake off EU as new legislation cuts bloc’s red tape
“We’re looking at ambitious reforms which mean we can free ourselves from unnecessary EU laws, and meet the Prime Minister’s bold ambitions and ensure that the UK is at the forefront of global innovation.”
The strategy is reported to have been approved by Mr Johnson’s Committee on Better Regulation.
It also outlines a number of methods to ensure regulations do not burden UK businesses.
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12.20am update: EU dashes hopes of deal with Brexit Britain – bloc eyes its own ‘best interests’
The City of London could be replaced as Europe’s financial capital by the likes of Amsterdam, Dublin and Frankfurt, the European Commission’s financial service chief has pledged, as she lightly poured cold water on an equivalence deal with the UK.
The UK was hoping to strike a deal over the British financial sector’s role in Europe, which would allow for mutual recognition of financial service rules between London and Brussels.
But despite a “memorandum of understanding” being provisionally agreed in March this year allowing for engagement on financial industry matters, no “equivalence” deal for the sector has been signed.
Melanie Kaidan takes over live reporting from Richard Percival.
9:30pm update: Vocal remain supporter pitches to head new Brexit unit with bid to rejoin EU
A prominent Remain campaigner has said he is thinking of applying to head the Government’s new Brexit Opportunities Unit as it would offer the chance to rejoin the EU.
Making the tongue-in-cheek pitch at Westminster for the director post, Lord Adonis argued it was “such an exciting opportunity” that he was prepared to do the job, which is offering a salary of up to £120,000, for nothing.
The Labour peer and staunch critic of leaving the bloc said reapplying to be part of the single market and customs union would eliminate trade barriers and allow Britons to move freely across the EU and “not be locked up in Boris Johnson’s Brexit Britain”.
Brexit: ‘Trouble’ in Northern Ireland ‘pleasing’ EU says expert
8pm update: EU accuses UK of a ‘lack of graciousness’ in NI Protocol
A tense showdown over the Northern Ireland Protocol erupted after the EU accused the UK of a “lack of graciousness” for refusing to appreciate Brussels’ generosity regarding the post-Brexit trading arrangements.
The EU Commission agreed to the extension of a grace period to allow chilled meats to continue to be moved to Northern Ireland until September 30 under the Protocol.
However, there is still no agreement between the UK and EU on how to resolve disputes around the agreement in the long-term.
7pm update: UK to join mega trading bloc by Christmas – CPTPP praise Brexit Britain
The UK could achieve its biggest post-Brexit prize by Christmas with membership of a mammoth free-trade partnership.
Ministers said today talks were intensifying over formal membership of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
The £9trillion bloc has Australia, Canada, Japan and Singapore among its members as well as Brunei, Chile, Malaysia, Mexico, New Zealand, Peru and Vietnam.
6pm update: UK and EU ‘must renegotiate NI protocol’, says DUP leader
DUP leader Sir Jeffrey Donaldson has insisted that the UK Government and European Union must renegotiate the Northern Ireland Protocol.
Sir Jeffrey took part in a virtual meeting with European Commission vice president Maros Sefcovic on Monday morning.
He described his message to Mr Sefcovic as “simple – the protocol has not worked”.
Boris Johnson is preparing to cut some EU regulations this week
5pm update: Lord Frost says NI Protocol is not working
Brexit minister Lord Frost has said the Northern Ireland Protocol “isn’t sustainable in the way it’s working”.
Appearing in front of Parliament’s European Scrutiny Committee, he said: “At the moment, I think the only way it can be made sustainable is if we could find a way to hugely reduce or eliminate the barriers between Great Britain and Northern Ireland, goods moving in that direction, and we need to – as we go forward – try and find a way of achieving that.
“It remains the core of the problem that the boundary between Great Britain and Northern Ireland is too dissuasive, too complicated, too chilling of identity in various ways. And that’s what’s got to be solved, I think, in terms of direction of travel. So we’re keeping, obviously, all options on the table.”
3pm update: EU army plan to transform bloc into foreign superpower leaked in Brussels document
A leaked document revealed that Brussels is finalising plans for “large-scale” operations in the North African state in the coming months.
It will pit the EU against Chad, Egypt, Jordan, Russia, Saudi Arabia, Turkey and the United Arab Emirates, which have all become involved in Libya’s brutal civil war.
The internal report, obtained by the EU Observer website, highlighted the need for an EU military mission in the region to curb human and arms trafficking.
1.30pm update: EU power grab: Brussels demands flying EU flag at Tokyo 2020 Olympics ceremony
European Commissioner Margaritis Schinas and Slovenian Prime Minister Janez Jansa wrote a letter to International Olympic Committee (IOC) President Thomas Bach asking for the Slovenian team to carry the EU flag.
Slovenia is currently holding the EU Council’s rotating presidency.
The two chiefs said that carrying the EU flag at the Olympics opening ceremony would “render Slovenian athletes ambassadors for European unity and the values underpinning our Union, which match those of the Olympic movement”.
They wrote that the flag could stand as a “symbol of peaceful coexistence, tolerance and solidarity”.
The Government will today unveil a consultation over new rules
12pm update: EU told to accept NI protocol has ‘failed’, says DUP leader
DUP leader Sir Jeffrey Donaldson warned that the European Union needs to recognise that the Northern Ireland Protocol has “failed”.
He was speaking shortly before taking part in a virtual meeting with European Commission vice president Maros Sefcovic.
Unionists strongly oppose the additional checks on goods arriving into Northern Ireland from the rest of the UK as undermining the union.
9am update: ‘Stop talking UK down!’ Sturgeon’s SNP exposed for trying to sabotage Brexit trade deals
Nicola Sturgeon has been told to get behind British exporters and stop “talking them down” by a minister.
Graham Stuart, the minister for exports, urged the SNP to stop moaning and “support the trade deals that we do, to open markets around the world”.
During a heated row in the Commons on Thursday, Mr Stuart hit back after Kenny MacAskill, who quit the SNP for Alex Salmond’s Alba Party, complained about the impact of Brexit on trade.
Mr Stuart pointed out that UK exports to the EU were “back to pre-pandemic levels”.
8am update: ‘Huge opportunity’: Liz Truss hails new trade scheme as UK breaks free of EU shackles
The Government will today unveil a consultation over new rules which it claims will offer counties a way out of poverty – as well as offering a boost to British business and consumers as part of a strategy enabled by the removal of EU rules and regulations.
The Developing Countries Trading Scheme (DCTS) would apply to 70 qualifying countries currently and include improvements such as lower tariffs and simpler rules of origin requirements for countries looking to export goods to Britain.
The scheme will permit countries to diversify their exports and grow their economies, while British households and businesses will benefit from lower prices and wider choice.
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