He said the removal of unnecessary bureaucracy in Brussels would help boost the UK economy and tackle inflation by easing the burden on business and lowering commodity prices. The government has pledged to cut 1 1 billion in EU-related business spending and has launched a website so that the public can watch the repeal of up to 4,418 inherited laws. Its plans are expected to include major breaches of Brussels rules in areas such as banking and insurance, genetically modified crops, data protection and the automotive sector. However, Mr Sefcovic warned that the proposals were likely to provoke a strong response from the bloc, adding that the dispute over the Northern Ireland Protocol had fueled distrust of the United Kingdom. He said in a statement to Bloomberg: “A big shadow cast on our relationship in this way raises our vigilance, including the UK ‘s’ cuts to EU legislation’, which are being touted by some as a major Brexit benefit. “The United Kingdom, of course, has every right to withdraw from the EU if it so wishes. But this regulatory deviation has limits as well as consequences. “For example, in the area of financial services, data and certain foodstuffs, the EU’s unilateral decision to grant market access depends on the current UK regulatory framework.”
