Thursday, July 01, 2021

Fairer plans to help business

The government has announced plans for a new UK wide subsidy control system to better support businesses across our Union to grow and thrive as we continue to embrace our destiny outside the EU.

  • In embracing the opportunities of being an independent sovereign nation, we will use our freedoms to give viable businesses across the UK access to the financial support they need – without facing burdensome red tape.
  • That is why the government is introducing a new UK wide subsidy control system - replacing the old, bureaucratic EU State Aid regime - that will give our public bodies and the devolved administrations the power to financially support businesses through loans, grants and guarantees quickly and effectively; and in strengthening our Union, we will prevent companies from playing the regions and nations against each other for taxpayer subsidy.
  • By maintaining our competitive, free market economy that has been central to our economic success and national prosperity for decades, we will boost jobs and businesses across the United Kingdom - without returning to the failed 1970s approach of the government ‘picking winners’ or bailing out unsustainable companies.

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