Conservative MPs racing to become the next prime minister are outlining their competing policy platforms, with Rishi Sunak vowing to scrap EU laws that were retained in the UK statute book following Brexit within his first 100 days in the job.

If he becomes the UK’s new leader, the former chancellor has said that he will have “scrapped or reformed all of the EU law, red tape and bureaucracy that is still on our statute book” by the next election.

‘Power to Parliament’

LBC reports Sunak would task a Brexit minister and a new ‘Brexit Delivery Department’ with reviewing the 2,400 post-Brexit EU laws.

“We need to remove power from faceless regulators and give that power to MPs in our Parliament,” he said.

The Independent describes Sunak’s pitch as an attempt to woo Brexit-backing Tories and says he would rip up EU rules on financial services, data and clinical trials.

Treasury warning

According to Bloomberg, Sunak’s promise comes despite recent advice by the Treasury that ditching EU law might not be feasible and could lead to litigation.

Lucy Frazer, the financial secretary to the Treasury, said in a letter that it was not be feasible to simply rip up EU laws that had been integral to British tax policy and case law for four decades.

Truss’s economic plan

Foreign secretary Liz Truss is trying to win support with “the biggest change in economic policy for 30 years”, including cutting regulation “to get our economy moving”. 

“I’m the candidate who has a vision for a bold new approach: supply-side reforms, tax cuts, getting a grip on public spending,” she told the Telegraph.

She has committed to a series of tax cuts including reversing the National Insurance increase, stopping the increase in corporation tax and suspending the green energy levy on household bills. 

Mordaunt on sanctions

Trade minister Penny Mordaunt has spoken of redoubling cooperation with the US, the EU and other allies to coordinate military support for Ukraine.

“We will continue to lead the G7 on imposing sanctions on Putin and his regime, and increase our efforts in enforcement,” she wrote in the Telegraph.

Mordaunt also outlined a plan to use tech entrepreneurs and investment to help rebuild Ukraine.

Insurance regulation

Meanwhile, Tom Tugendhat has portrayed reform of the EU directive Solvency II, which governs insurance regulation, as one of the biggest potential benefits of Brexit, reports the FT.

Sunak and Truss have also backed the move, which proponents say will free the UK insurance industry from restrictive EU rules and release as much as £90bn for investment in areas such as the levelling up strategy, infrastructure and green assets.

However, opponents have warned that policy holders could be put at increased risk by deregulation.

Badenoch sticks to Brexit

Former equalities minister Kemi Badenoch has also promised to cut regulation in order to boost growth.

She has yet to set out her position on the Northern Ireland Protocol, but voted in favour of the Bill seeking to override aspects of the arrangement for GB-NI trade at its second reading, reports iNews.

Timetable

A further round of voting today (18 June) will reduce the number of candidates to four, with subsequent polls tomorrow and on Thursday cutting the filed to just two, according to ITV.

The final winner is set to be announced on 5 September after a vote by the party’s members.