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UK won’t have ‘Mad Max’ economic system to undercut rivals, Brexit minister says

LONDON (Reuters) – Brexit minister David Davis will say on Tuesday that Britain has no plans to recast itself as a regulation-light economic system undercutting rivals on the continent, as he makes an attempt to dispel a significant concern of European Union leaders.

In the second of a number of speeches by ministers supposed to put out the government’s plans for Brexit, Davis will inform business chiefs in Austria it’s mistaken to assume Britain will concentrate on deregulation after it leaves the buying and selling bloc.

“They fear that Brexit could lead to an Anglo-Saxon race to the bottom. With Britain plunged into a Mad Max-style world borrowed from dystopian fiction,” Davis will say, based on excerpts of his speech.

”These fears a couple of race to the underside are based mostly on nothing, not historical past, not intention, nor curiosity.

“But while I profoundly disagree with them — it does remind us all that we must provide reassurance.”

Since Britain voted to go away the EU, supporters of Brexit have argued that eradicating the prices imposed by EU guidelines is likely one of the primary advantages of leaving the buying and selling bloc.

In the previous, ministers have recommended Britain could have to alter its financial mannequin to stay aggressive and minimize taxes and regulation to draw global funding.

But Davis will say that Britain will proceed to keep up the best global requirements and is dedicated to employees’ rights, monetary regulation, animal welfare and the surroundings.

Davis stated he needed to keep up the mutual recognition of British and European regulators.

Britain’s government is hoping its giant monetary companies business will be capable of retain entry to the EU markets after it leaves the bloc, two government officers stated final week.

“A crucial part of any such agreement is the ability for both sides to trust each other’s regulations and the institutions that enforce them,” Davis will say. 

“The certainty that Britain’s plan, its blueprint for life outside of Europe, is a race to the top in global standards not a regression from the high standards we have now, can provide the basis of the trust.”

Reporting by Andrew MacAskill; modifying by Andrew Roche

Our Standards:The Thomson Reuters Trust Principles.

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