£150m Brexit boost for businesses as Kemi cuts another 500 Brussels rules

'I am committed to reducing the regulatory burden on companies to help create more jobs and grow the economy'

- Sam Lister

KEMI Badenoch is giving businesses a £ 150 million-a-year Brexit boost by slashing leftover European red tape.

The Business Secretary will cut another 500 rules imposed on the UK by Brussels by the end of the year.

She will also announce that industry watchdogs such as Ofwat will be told to put growth at the heart of their work.

Ms Badenoch told the Daily Express: "This Government is making the most of our Brexit freedoms to scrap or reform thousands of EU laws that have tied up businesses in unnecessary red tape for too long.

"I'm committed to reducing the regulatory burden on companies, which in turn will help create more jobs and grow the UK economy."

In an announcement this Thursday, she will set out plans to take businesses employing up to 500 people out of costly bureaucracy such as reporting on non-financial performance.

The Government estimates 2,000 firms will benefit and that having fewer forms to fill in will save around £150million a year.

It follows on from work to scrap or reform thousands of EU regulations since Britain left the bloc. Changes to paperwork on the working time directive are estimated to save employers £1billion this year in what ministers view as a big Brexit win.