Boris Johnson has singled out a European Union law that should be repealed in order to help Britain achieve complete independence after Brexit.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Solvency II, which has been in effect since 2016, addresses financial resources, governance and accountability, risk assessment and management, supervision, reporting, and public disclosure.<\/p>\n\n\n\n
The government claims that changing the rules will boost the insurance industry, reduce red tape, and increase investment.<\/p>\n\n\n\n
In his final interviews as Prime Minister, Mr Johnson reflected on the future of Brexit Britain.<\/p>\n\n\n\n
“We’ve got the powers but let’s continue to get that value.”<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
“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. <\/p>\n\n\n\n
“We don’t need this kind of EU stuff anymore. We can do things differently and do them better.”<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
In July, the government unveiled a draught law to reform financial rules inherited from the EU, including Solvency II.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Boris Johnson has singled out a European Union law that should be repealed in order to help Britain achieve complete independence after Brexit.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 … <\/p>\n