Liz Truss has pledged to repeal all remaining EU rules by the end of 2023 if she is elected prime minister, as she competes with Rishi Sunak to succeed Boris Johnson as head of the Conservative Party.
Truss said in a statement late on Friday that European Union regulations "hinder British businesses" and promised to set a sunset date for every EU-derived legislation.
Critics assert that the Solvency II regulations governing insurers are overly burdensome, limiting their capacity to invest in long-term assets like infrastructure.
The Foreign Secretary's pledge is identical to one made last week by Sunak, who wrote in the Telegraph that he would charge a new Brexit delivery department with reviewing the remaining 2,400 EU laws on the British statute book to repeal or reform them all by the time of the next general election, scheduled for January 2025 or later.
Truss is also interested in the possibility of change at the Bank of England. An interview with the Telegraph published late on Friday stated that some inflation estimates were inaccurate. She also said that she would examine the best practices of other central banks and ensure that inflation and money supply received due attention.
"I feel it is appropriate that inflation will decline, as it was precipitated by a global supply shock. However, monetary policy aggravated the situation," she told the Telegraph. "I have stated that I will examine the Bank of England's mandate in the future."
Brexit is shaping up to be a crucial battleground in the next prime ministerial election.
While Truss campaigned for a "remain" vote in the 2016 referendum, she has embraced the breakup with the enthusiasm of a convert and bolstered her credentials by drafting a bill to repeal significant portions of the Brexit agreement controlling Northern Ireland. This helped earn the support of the European Research Group of Conservative Members of Parliament who support Brexit.
For Sunak, who campaigned and voted for the United Kingdom to leave the European Union, the fact that Truss is more trusted within the Conservative Party to deliver on Brexit is frustrating.
Saturday, the former chancellor addressed the National Health Service backlogs that have left 6.6 million people waiting for cancer scans, surgery, and consultations. If elected, Sunak would declare on his first day in office his intention to organize a task group dedicated to lowering waiting times, reducing the number of people waiting for appointments by the end of next year, and eliminating one-year waits by September 2024.
In Grantham, the birthplace of Margaret Thatcher, Sunak also committed to enacting additional tax cuts but only once was price inflation brought under control.
"I will not put money back in your pockets knowing that rising inflation will rip it out again," he stated. There is nothing noble or honorable about accumulating debt on the country's credit card and then passing it on to the next generation.
Additionally, Truss focuses on the NHS. According to the Telegraph, she will retain Johnson's £36 billion in additional financing for the NHS and social care despite reversing the mechanism for generating the funds — the 1.25 percent increase in National Insurance that took effect in April.
According to the Telegraph, the money will first go to the NHS, but Truss is adamant that it should later move to social care to assist ease pressure on the health service.
Sunak and Truss now face six weeks of nationwide campaigning to win over the support of around 175,000 Conservative Party members. On September 5, a new prime minister was elected.
Friday, the European Union started four additional infringement proceedings against the United Kingdom, alleging that the government has failed to comply with the customs and value-added tax standards it agreed to. The bill to overturn portions of the deal proposed by Truss was accepted by the House of Commons without alterations earlier this week and will be debated by the House of Lords in the fall.
How Johnson's successor handles the complex relationship with the EU and whether or not to resume Brexit negotiations will be a crucial test. Thursday, the Treasury issued a statement indicating that the estimated cost of the United Kingdom's divorce had increased from £35 billion to £39 billion to £42.5 billion ($51.1 billion).