Boris Johnson has singled out a European Union law that should be repealed in order to help Britain achieve complete independence after Brexit.
In an exclusive interview with the Daily Express, the Prime Minister stated that his successor should repeal Solvency II, which establishes regulatory requirements for insurance firms in the EU.
Solvency II, which has been in effect since 2016, addresses financial resources, governance and accountability, risk assessment and management, supervision, reporting, and public disclosure.
The government claims that changing the rules will boost the insurance industry, reduce red tape, and increase investment.
In his final interviews as Prime Minister, Mr Johnson reflected on the future of Brexit Britain.
“We’ve got the powers but let’s continue to get that value.”
He added: “I think the next leader, I think both of them are equally committed, from what I’ve seen from the campaign to getting rid of Solvency II.
“This is something that is incredibly technical, but what they do is stop massive pension funds and investors from putting money into the long-term UK prospects.
“We don’t need this kind of EU stuff anymore. We can do things differently and do them better.”
Britain’s exit from the EU allows it to create its own rules for the City of London, one of the world’s largest financial centres.
In July, the government unveiled a draught law to reform financial rules inherited from the EU, including Solvency II.