Kemi Badenoch is looking to cut 500 Brussels rules by the end of 2024. (Image: Getty)
Kemi Badenoch is giving businesses a ￡150 million a year Brexit boost by slashing leftover European red tape.
The Business Secretary will cut another 500 rules imposed on the UK by Brussels by the end of the year.
Ms Badenoch will also announce industry watchdogs such as Ofwat will also be told they must put growth at the heart of their work.
She told the Daily Express: "This government is making the most of our Brexit freedoms to scrap or reform thousands of EU laws that have tied up businesses in unnecessary red tape for too long.
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"I’m committed to reducing the regulatory burden on companies, which in turn will help create more jobs and grow the UK economy."
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In an announcement on Thursday, Ms Badenoch will set out plans to take businesses employing up to 500 workers out of costly bureaucracy such as reporting on non-financial performance.
The government estimates around 2,000 extra firms will benefit from the changes and having fewer forms to fill in will save around ￡150 million a year.
It follows on from work to scrap or reform thousands of EU regulations since Britain left the bloc.
Changes to paperwork on the working time directive are estimated to save employers ￡1 billion this year in what ministers view as a big Brexit win.
The government is carrying out the last wave of red tape reduction after a push from businesses to ease the burden.
Small firms particularly struggle to afford legal and accounting teams to deal with the paperwork around reporting and auditing requirements.
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Kemi Badenoch's bonfire of regulations could prove to be a godsend for small businesses (Image: Getty)
The Business Secretary wants regulators to also take a more proactive role in boosting growth by taking account of the economy when making decisions.
It follows an initial decision by the Competition and Markets Authority to block the biggest tech deal in history when Microsoft was attempting to buy Activision Blizzard, the maker of games including Call of Duty and World of Warcraft.
The deal was revised and later cleared by the regulator.
Regulators will not be asked to put the economy over other issues, such as water pollution in the case of Ofwat, but instead the issues should go hand in hand.
Matthew Lesh, Director of Public Policy and Communications at the Institute of Economic Affairs, said the reforms show the significant economic impact that seemingly small regulatory reforms can have.
He added: “Boris Johnson's Brexit deal allowed Britain to chart its own course. However, the mere ability to self-govern does not guarantee effective governance; it is the manner in which that power is wielded that determines success or failure.”
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It comes after Rishi Sunak gave a wide-ranging speech in London that hailed Britain’s bright Brexit future and said the government is “seizing the freedom and flexibility” that being outside the bloc offers.
The Prime Minister said the EU’s default approach was top down, precautionary regulation but the UK can now be more agile, encouraging innovation in everything from financial services to agriculture, from healthcare to house building.
He added: “We’ve always been an open, trading, maritime nation; and Brexit has given us the opportunity to trade even more.
“And we invent, discover, and produce new products and services that the world wants to buy.
“From aircraft wings in Filton, to financial services in Glasgow, to incredible cultural exports like film, music, and TV, or sports like the Premier League. Everywhere from rural Kenya to the cityscapes of South Korea, people stay up all times of day and night to watch their favourite British team.
“It’s no wonder that Brexit Britain has leapt above France, Japan, and the Netherlands to become the world’s fourth biggest exporter.
“And the more we export, the better our businesses will do, the more jobs we will create, the more wealth we will generate – right across our country.”
Mr Sunak said there are huge opportunities ahead for Britain as the world is transformed by technological progress.
The PM said British companies are pioneering offshore wind and exporting it around the world as well as generating innovations that have helped reduce the cost of wind energy by around two-thirds.
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He added: “You can see the opportunity too in healthcare, giving people longer, healthier lives.
“In Denmark, NovoNordisk created the Ozempic drug which is not only helping to tackle chronic disease globally, but single handedly grew Denmark’s entire economy last year.
“All this progress should show us that while this is one of the most dangerous periods we’ve ever known, it will also be one of the most transformational. And if we make the right choices, if we have a bold enough vision, then we should feel confidence, pride, and optimism that Britain’s future is secure.”
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