Rishi Sunak’s new promise to slash all retained EU regulations by 2024 has been contradicted by a leaked Treasury document today saying this would not be possible.
Sunak wrote in the Sunday Telegraph today that he will have “scrapped or reformed all of the EU law, red tape and bureaucracy that is still on our statute book and slowing economic growth” by the time of the next General Election.
This includes his long promised changes to EU regulations on financial services, which he says will facilitate a “Big Bang 2.0” for the City and make London “the world’s leading financial centre by 2027”.
However, documents leaked to Bloomberg show Treasury minister Lucy Frazer said it was not possible to quickly rip up EU laws that had been tied to UK tax policy for four decades.
She also said it would not be possible to sunset all retained EU law by 2026.
Sunak’s push today is a part of a bid to win over the Tory party’s right-wingers in the current leadership contest, after many have decided to instead back Liz Truss or Kemi Badenoch.
This is despite Sunak voting and campaigning for Brexit, while Truss was a Remainer.