Tear up our bureaucracy and we’ll cancel deals with you, Brussels warns Great Britain

Jacob Rees-Mogg, the efficiency minister, will publish a groundbreaking Brexit Freedoms Bill next month outlining plans to capitalize on leaving the bloc.

He has said cutting unnecessary Brussels bureaucracy will help boost the UK economy and tackle inflation by easing the burden on businesses and leading to lower prices for goods.

The government has pledged to cut £1bn in EU-related costs for businesses and has published a website so the public can follow the repeal of up to 4,418 heirloom laws.

The plans are expected to include major breaches of Brussels rules in areas such as banking and insurance regulations, genetically engineered crops, data protection and the automotive sector.

However, Mr Sefcovic warned that the proposals are likely to elicit a strong response from the bloc, adding that the row over the Northern Ireland Protocol had increased mistrust of the UK.

He told a Bloomberg event: “A long shadow cast over our relationship in this way raises our vigilance, including with regard to UK statements about ‘scrapping EU regulations’, touted by some as a major benefit of Brexit. .

“The UK has, of course, every right to depart from the EU if it so wishes. But this regulatory divergence has both limits and consequences.

“For example, in the areas of financial services, data and certain foodstuffs, the EU’s unilateral decision to grant market access is subject to the current UK regulatory framework.”

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