Jeremy Hunt's £100bn Brexit freedom boost: Chancellor's plan to axe EU red ... trends now
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Jeremy Hunt will put scrapping EU red tape at the heart of a growth plan this week, as he outlines proposals to unlock £100billion of investment.
The Chancellor will use a major speech tomorrow to insist he is serious about boosting economic growth, despite being against tax cuts in the March Budget.
Mr Hunt is expected to focus on plans to scrap EU rules that prevent insurance firms and pension funds from investing in major infrastructure projects, such as roads, nuclear power stations and wind farms.
He will pledge to ditch the so-called Solvency II rules by summer, with Treasury sources saying the move could unlock £100billion in private sector investment over the following decade.
Jeremy Hunt will use a major speech tomorrow to insist he is serious about boosting economic growth, despite being against tax cuts in the March Budget
And he will suggest that a wider bonfire of EU rules this year could help boost productivity and growth. Ministers are pushing ahead with plans to review all EU laws still on the UK statute book this year, potentially consigning thousands of regulations to the scrap heap.
The Chancellor will pledge to tackle the ‘declinist narrative’ peddled by Labour, highlighting the ‘good fundamentals’ of the economy, and Britain’s competitive edge in key industries of the future.
But he will acknowledge the need to improve skill levels and encourage more people back into the labour market.
Pushing for tax incentives
And he will warn that the tax cuts demanded by business and many Tory MPs will have to wait until inflation has begun to recede.
A Treasury source said that the
