Nearly half of British directors would prefer to retain laws inherited from the European Union instead of seeing the government torch swathes of regulations, according to a new survey.
(Bloomberg) — Nearly half of British directors would prefer to retain laws inherited from the European Union instead of seeing the government torch swathes of regulations, according to a new survey.
The Institute of Directors asked its members to identify the greatest opportunities for the removal of red tape. While 45% picked an area of preference, more than 47% would rather have “stability in the current regulatory framework.”
The government’s Retained EU Law bill seeks to revoke legislation from Brussels and is currently making its way through the House of Lords. Brexiteers have been keen on a so-called “bonfire” of red tape, but Conservative Euroskeptics were recently told that it may not be possible to cut thousands of laws by the end of the year as originally intended.
Read More: Sunak to Break Brexit Vow on Scrapping UK’s EU Laws by End 2023
The IoD, alongside British trade unions, urged the government in November to row back on the deadline.
“The speed at which government intends to review retained EU law is a recipe for bad law-making,” said Roger Barker, the IoD’s policy director, on Wednesday. “This gives rise to a level of regulatory uncertainty which is extremely unhelpful for business.”
Of the bosses that picked an area that could benefit from reform, employment regulation was the most popular answer, supported by nearly 19% of respondents to the survey. The next highest was financial services, chosen by more than 11% of respondents.
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