A public consultation on bold proposals made by Sir Iain Duncan Smith's Taskforce on Innovation, Growth and Regulatory Reform (TIGRR) will open on Thursday. The Taskforce made over 100 recommendations to strip back unnecessary red tape and unleash new opportunities from Brexit.

       Officials say the proposals will help to free businesses from overbearing bureaucracy and reducing costs for consumers, whilst boosting competition, innovation and growth across the economy.

       Lord Frost said: "Now is the time to think boldly about how we regulate, as we seize our new opportunities as an independent nation.

       "For the first time in a generation, we are free to implement rules that put the UK first.

       "This is the next step in driving forward ambitious reform, following the work of the Taskforce on Innovation, Growth and Regulatory Reform.

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       "Our job is to help people and businesses thrive across the UK. That was what taking back control was about.

       "Reforming the way we regulate will be a big part of delivering that for people."

       The plans include removing old EU legislation that no longer is necessary for the UK by introducing a "one in, two out" policy.

       For every new piece of regulation introduced, two overburdensome regulations would need to be removed.

       TIGRR also recommended moving away from the EU's defat position of creating rules for all scenarios.

       Instead the UK would adopt a "proportionality principle" that would look at ensuring legislation is proportionate to the issues and impacts on businesses and people.

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       Ministers hope the proposals will help bolster Britain's reputation as a global hub for businesses.

       Business Secretary Kwasi Kwarteng said: "Taking back control means setting regulation in a way that works best for British businesses, workers and our wider economy.

       "As an independent trading nation once more, we will use our newfound freedoms to promote competition, unleash innovation and enable the development of new technologies – without imposing unwieldy burdens on business.

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       "By taking a more nimble approach, suited to our national interest, we can maintain our valued high standards and cement the UK’s status as an attractive place to start and grow business."

       Boris Johnson commissioned the TIGRR following the end of the EU transition period in January.

       After No10 received the proposals last month, Sir Iain told Express.co.uk the Prime Minister hailed the proposals are the exemplification of Brexit.

       "He is determined this is the reason we left," Sir Iain said t the time.

       "He said to me, 'this encompasses the reason why the British people voted to leave the EU and we now need to action it.

       'This will help with the levelling up agenda and the improvement to the UK economy more than anything else'."

       The Government has pledged to formally respond the the proposals at the end of the public consultation.