A group of senior Tory MPs, led by former Conservative Party leader Iain Duncan Smith, has published a report urging the government to “use its post-Brexit freedoms” and abandon the EU’s “excessively cautious” approach to regulation.

The report, by the Taskforce on Innovation, Growth and Regulatory Reform, says the UK should light a bonfire of red tape, according to the Telegraph.

One-off opportunity

Its 120 recommendations call for changes to “unleash substantial growth” in 10 sectors, including financial services, green energy, food, transport, agriculture and health. 

The Taskforce sees Brexit as a “one-off opportunity” to set out a new regulatory framework to encourage innovation, growth and inward investment, the FT reports.

It recommends that the government should replace the “precautionary principle” approach that is written into EU law with a British “proportionality principle” to unleash British entrepreneurs and innovators.

World leading

Prime Minister Boris Johnson welcomed the report and said that the UK could “lead the world in the economy of the future”. 

He added: “But your report makes it equally clear that, whether in data reform or clinical trials, offshore wind or autonomous vehicles, this can only happen if we clear a path through the thicket of burdensome and restrictive regulation that has grown up around our industries over the past half century.”

'Bonfire of red tape'

According to the FT, Britain’s exit from the EU raised hopes among some MPs of a “bonfire of Brussels red tape”, including environmental and employment legislation. But in January ministers dropped a review of workplace rules such as the 48-hour working week after a backlash by unions.

The task force was set up soon afterwards to find more politically palatable ideas.

The taskforce has put forward more than 100 recommendations, including supporting growing GM crops, bringing back imperial measurements and scrapping GDPR, iNews reports.