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UK task force calls for reforms to revitalize cities and fast-growing sectors

 


The UK government task force will recommend sweeping regulatory reforms to the City of London and the fast-growing sector of the economy as ministers seek to free UK businesses from EU bureaucracy.

Prime Minister Boris Johnson has formed a group led by former Conservative leader Ian Duncan Smith with a “mission to identify opportunities” post Brexit.

Johnson’s Task Force Report on Innovation, Growth and Regulatory Reform recommends giving city pension funds flexibility to invest in fast-growing small businesses, especially unicorn tech companies.

The person who briefed the report is expected to propose changes to Mifid 2, the EU rule governing financial services, and some executives have complained that it is too cumbersome and offers limited benefits.

The report will also recommend regulatory changes to spur investment in ten fast-growing sectors, including life sciences, agricultural technologies, and future fuel sources.

The task force is headed by Duncan Smith and includes former Life Sciences Secretary George Freeman and former Environment Secretary Theresa Villiers.

Duncan Smith declined to comment, but a government official said the task force report sent to Downing Street last month was “very well-received”. It may be published next week.

Many Brexiters in the Tory party hoped that leaving the EU would give UK employers an opportunity to cut Brussels’ bureaucracy, which affects workers’ rights and the environment.

But in January, ministers abandoned a business department review of UK employment rules, including the 48-hour week stipulated in EU law, after a backlash from trade unions and Labor.

Instead, Downing Street turned to the Duncan Smith task force to find a less controversial idea to leverage Britain’s freedom to break free from EU rules after the UK leaves the bloc. It was also tasked with establishing ways to strengthen potentially lucrative areas of future economic growth.

Duncan Smith has been consulting with a variety of industries over the past few months. Business leaders have urged a cautious approach to deregulation rather than the “bonfire” of EU bureaucracy.

According to those familiar with the report’s content, the task force report will encourage pension reforms related to easing rules to make it easier for institutional investors to invest money in smaller companies.

U.S. pension funds have a much higher share of stocks and private equity, while British equivalents are much more limited, these people said.

The report also recommends changes to the Mifid 2 regulations, which set strict and often prescriptive rules to improve financial services and markets after the 2008 financial crisis.

The Duncan Smith task force will highlight the need for more agile and focused regulation of a fast-growing sector.

One person who was briefed on the report gave the example of nutraceuticals, which are foods that benefit health. Currently, these products may belong to the Food Standards Bureau, the pharmaceutical and medical product regulatory agencies, and the food and pharmaceutical surveillance agencies.

The Task Force will also propose replacing the so-called precautionary principle of government regulation (a prudent approach that usually leads to lengthy reviews) with a “principle of proportionality” that limits what is necessary to achieve policy goals.

The change will encourage even greater innovation among entrepreneurs, said those familiar with the report.

A government spokesperson said: “The Prime Minister is giving the Innovation, Growth and Regulatory Reform Task Force options on how the UK can harness the newly discovered freedom of regulation and promote growth, innovation and competition across the economy. I was asked to scope and make suggestions. We seize opportunities outside the EU. A task force report will be released soon.”

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