Brexit boss Rees-Mogg urged to get serious on promises and keep UK 'ahead of the curve'
BREXIT boss JACOB Rees-Mogg must make good on the UK's promises with new City rules that will help keep Britain "ahead of the curve" outside the European Union, a leading economist has warned.
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In his new role, the former Leader of the House of Commons Jacob Rees-Mogg will be tasked with delivering some of the benefits for Brexit Britain from leaving the European Union. In 2018, Mr Rees-Mogg famously said "the overwhelming opportunity for Brexit is over the next 50 years". Now the UK's new Brexit minister has been urged to ramp up support for businesses who have been hit by a "triple whammy of red-tape, double regulation and rising compliance costs".
CBI chief economist Rain Newton-Smith believes the UK has the opportunity to "lead the world in developing future regulation that unleashes sustainable growth", while post-Brexit Britain "gives us the burning platform we need to reach the UK’s economic potential".
Writing for business publication City AM, the expert Brexit will the UK to take its own big gambles, be at the forefront of modern regulation and quickly move on from the "flatlining productivity" that took a firm grip after the financial crisis.
She said: "As the Government has said, this isn’t about divergence for the sake of it. Nor are firms clamouring for a bonfire of regulations.
"But it is about being smarter – and better – to improve our competitiveness by becoming the most future-focused regulatory environment in the world.
The Rt Hon Jacob Rees-Mogg MP @Jacob_Rees_Mogg becomes Minister for Brexit Opportunities and Government Efficiency at the @CabinetOfficeUK.
— UK Prime Minister (@10DowningStreet) February 8, 2022
He will be a member of the Cabinet. pic.twitter.com/LdF68XT1zu
"Harness the UK’s historically good reputation by putting innovation and investment at the centre of the regulation agenda, allowing us to become a leader in new and emerging sectors, from AI to gene editing.
She added: "The focus should be the big bets for our economy.
"Regulation can be more agile – changing when out of date and reacting with speed to emerging pressures, and proportionate, rooted in a better balance between investment and consumer protection.
"And finally, it would be more dynamic, allowing regulators to act quickly and decisively – just as we saw with the vaccine, when the MHRA enabled the UK to lead the world."
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Ms Newton-Smith concluded: "Yesterday, Rees-Mogg wrote in The Sun imploring readers to write to him about what regulations they want abolished.
"So here’s a letter: let’s get to part two and design an approach to regulation which keeps us ahead of the curve on climate, on skills, on investment.
"It is essential if we’re going to lift our ambitions and grow our economy."
Elsewhere, it has been revealed the UK's imports from non-EU countries overtook those from the EU last year for the first time since records began.
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The UK imported £222 billion worth of goods from the bloc last year following its departure, according to new data from the Office for National Statistics (ONS) - the lowest figure in more than five years.
Imports from non-EU countries jumped from £206 billion in 2020 to £254 billion last year - the highest since records began in 1997.
In 2021, the UK imported £156 billion more in 2021 than it exported - up by a fifth (20 percent) on a year earlier.
Britain may have formally completed its departure from the EU, but not all changes to the trading regime have come into force yet.
From July 2022, there will be new physical checks on plants, while health certificates will be required for animal products and all imports will need safety and security declarations.
From this September and November, changes will also be made on diary and meat pizzas and ready meals, among other things.