UK's Truss vows to 'unleash investment and boost economic growth'

Tory leadership hopeful plans to revisit, revise or dismiss every piece of UK's EU-derived business regulation

UK Foreign Secretary Liz Truss speaks during a Conservative party membership hustings at the All Nations Centre on August 3, 2022 in Cardiff, Wales. Rishi Sunak and Liz Truss are holding hustings around the UK for Conservative party members as they vie to become their leader and the next UK Prime Minister. Getty ImagesShow less

Liz Truss plans to boost investment and economic growth by taking “full advantage” of Brexit if she becomes UK prime minister, the Tory leadership contender will tell a roundtable of key investors in the City of London on Friday morning.

The foreign secretary will also set out a series of measures which she claims would “put money back into the pockets of hard-working people”.

Ms Truss said she plans to enact supply-side reforms, including reforming Solvency II and Markets in Financial Instruments Directive regulations.

Solvency II is a directive that codifies and harmonises the EU insurance regulation while the directive is a regulation that increases transparency across the bloc's financial markets and standardises the regulatory disclosures required for firms operating there.

Her campaign said such a move would release billions for investment in British infrastructure, energy projects and the high-tech industry.

UK Conservatives on the leadership campaign trail — in pictures

Candidates Rishi Sunak and Liz Truss at the Conservative Party leadership election hustings at Wembley Arena, London. This was the final hustings attended by Tory Party members who will vote for the new leader and next prime minister. EPA

Liz Truss addresses Conservative Party members at Wembley Arena. AP

Mr Sunak puts forward his case to be leader while speaking at Wembley Arena. Bloomberg

Mr Sunak visits his family's old business, Bassett Pharmacy in Southampton, while on the campaign trail. Reuters

Ms Truss speaks to staff at Condimentum Ltd at the Food Enterprise Park in Norwich. Getty Images

A Rishi Sunak supporter at a hustings event in Norfolk. PA

Mr Sunak greets people at a leadership hustings in Manchester. Bloomberg

Ms Truss poses for a selfie with a supporter as she arrives for the event in Manchester. Getty

Rishi Sunak looks through the sights of an anti-tank missile launcher, supplied to Ukraine, during a visit to the Thales Defence System plant in Belfast, Northern Ireland. AP

Liz Truss at a Conservative Party leadership campaign event in Belfast. Getty

Liz Truss meets supporters before a hustings in Perth, Scotland. Getty

Rishi Sunak speaks during a campaign visit to Cluny Castle in Inverurie, Scotland. Getty

Police hold back protesters outside Perth Concert Hall, Scotland, where Conservative leadership candidates Liz Truss and Rishi Sunak were speaking. PA

A mural showing the two leadership contestants appears on a wall in Belfast, Northern Ireland. AP

Rishi Sunak during a visit to St John's Wood Synagogue, north London. PA

Liz Truss at the Conservative Party leadership election hustings in Cheltenham. EPA

Rishi Sunak during a hustings event in Cheltenham. Reuters

Liz Truss speaks to scientists during a campaign visit to a life sciences laboratory at Alderley Park in Manchester. PA

Rishi Sunak during a campaign hustings in Darlington, England. Bloomberg

Liz Truss meets party members before she speaks at the Darlington campaign hustings. Getty

Rishi Sunak arrives for the Darlington hustings. Getty

Liz Truss plays pool during a visit to the Onside Future Youth Zone in London. Reuters

Rishi Sunak looks at a book with Teddy Openshaw, 4, as his father, Henry, looks on after a Conservative leadership campaign event in Ribble Valley, Lancashire, England. Getty

Liz Truss plays table tennis with former Conservative party leader Iain Duncan Smith during a visit to the Onside Future Youth Zone in London. Reuters

Liz Truss with supporters at a campaign event in Solihull, England. Reuters

Rishi Sunak attends a campaign event held by his party in Bexhill, England. Reuters

A protester is removed as Ms Truss speaks during the Conservative Party leadership hustings in Eastbourne. Bloomberg

Mr Sunak speaks at an event in Edinburgh. PA

Ms Truss leaves the hall in Exeter, south-west England, after her speech to a Conservative Party membership hustings. Getty

Mr Sunak speaks at the University of Exeter in south-west England. AP

A supporter of Ms Truss at a Conservative Party hustings in Exeter, south-west England. Getty

Ms Truss at a hustings event at the Pavilion conference centre at Elland Road in Leeds. PA

Mr Sunak in Salisbury watching a screening of the Uefa Women's Euro 2022 final between England and Germany at Wembley stadium. England won 2-1 in extra time. PA

Ms Truss before the Uefa Women's Euro 2022 final at Wembley stadium in London. AFP

Mr Sunak meets Tory members at Fontwell Park Racecourse. Reuters

Ms Truss at an event in Dereham, Norfolk. AFP

Mr Sunak in Ropley, near Winchester, Hampshire. PA

Ms Truss speaks as Conservative Member of Parliament Tom Tugendhat looks on at a Conservative Party leadership campaign event at Biggin Hill Airport. Getty

Ms Truss on the campaign trail in Woodford Green, on the outskirts of London. Reuters

Mr Sunak at a Conservative Party hustings event in Leeds. AFP

Ms Truss speaks at the hustings event in Leeds. AFP

Sunak and Truss-themed souvenirs at a stand during the Leeds hustings event. Reuters

Ms Truss, and her mother, Patricia, arrive for the hustings event. Getty

Ms Truss poses with supporters in Morley, England. Getty

Mr Sunak delivers a speech during a campaign event in Newmarket. AFP

Ms Truss and Jake Berry, MP for Rossendale and Darwen, during a visit to a broadband interchange company in Leeds. PA

Mr Sunak answers questions as he takes part in the hustings in Leeds. AFP

Ms Truss speaks at an event at a private house with members of the Conservative Party in Woodford Green. PA

Ms Truss and Mr Sunak pose for a picture before a BBC leadership debate at Victoria Hall in Hanley. Getty

Ms Truss addresses Mr Sunak during the televised debate. Getty

Mr Sunak, with daughters Krishna and Anushka, and wife Akshata Murthy, during a visit to Vaculug tyre specialists at Gonerby Hill Foot, Grantham. PA

Ms Truss speaks to people while campaigning in Marden. Getty

Ms Truss celebrates after being named, along with Mr Sunak, one of the final two candidates in the race to become the UK's next prime minister. PA

Mr Sunak outside his campaign office in central London. EPA

Ms Truss outside Downing Street in London. Reuters

Rishi Sunak meets Conservative Party members and activists, in Teesport, Redcar. Reuters

Conservative leadership candidates Mr Sunak, Ms Truss, Kemi Badenoch, presenter Julie Etchingham, Tom Tugendhat and Penny Mordaunt during 'Britain's Next Prime Minister: The ITV Debate' in London. EPA

Ms Badenoch arrives at Here East studios in Stratford, east London, before a live television debate. PA

Mr Sunak arrives at a London event to launch his campaign to be the next Conservative Party leader and UK prime minister. Reuters

Mr Tugendhat appears on the BBC One current affairs programme, 'Sunday Morning'. PA

Ms Badenoch, Ms Mordaunt, Mr Sunak, Ms Truss and Mr Tugendhat before the live television debate. PA

Ms Mordaunt arrives for the launch of her Conservative leadership campaign at the Cinnamon Club in Westminster. PA

Ms Truss speaks at the launch event for her campaign to become the next leader of the Tory Party and Britain's prime minister, in London. EPA

Chancellor of the Exchequer Nadhim Zahawi, one of the candidates who has been knocked out of the race, giving a speech at the Churchill War Rooms. PA

Former leadership candidate Jeremy Hunt appearing on the BBC One current affairs programme, 'Sunday Morning'. PA

Sajid Javid attending the launch of his campaign to be Conservative Party leader and prime minister, at the Cinnamon Club in London. He has since been knocked out of the contest. PA

Rehman Chishti is interviewed after announcing his bid to become the next prime minister. Mr Chishti is no longer in the race. Getty

Mr Tugendhat speaking at the launch of his campaign. PA

Culture Secretary Nadine Dorries and Conservative MP Iain Duncan Smith arrive for the Truss campaign launch event. Getty

Former leadership candidate Attorney General Suella Braverman at the Churchill War Rooms in central London. PA

Supporters of Mr Sunak wait for his arrival ahead of the campaign launch. Bloomberg

Mr Tugendhat makes a speech at the launch of his campaign. PA

Mr Javid mops his brow while launching his campaign. Getty

Ms Truss leaves for work after her announcement that she would be running for the leadership of the Conservative Party. Getty

Ms Truss also pledged to set a “sunset” deadline for every piece of EU-derived business regulation and test whether it supports UK growth by the end of 2023.

For regulations that do not pass the test, her government would work with industry experts to create better home-grown laws or repeal them altogether.

“As prime minister, the British people can trust me to unleash investment and boost economic growth right across the country,” said the foreign secretary.

“For too long, we have allowed those who create wealth and high-quality jobs — dynamic businesses and hard-working people — to be weighed down by onerous EU bureaucracy.”

She added that the country hasn't moved fast enough to take full advantage of Brexit.

“I’ll make it a priority to slash EU red tape and ensure we have the right tools in place to attract investment and deliver growth. This is just one way we’ll tackle the cost-of-living crisis and put money back into the pockets of hard-working people,” she continued.

“The way to tackle the cost-of-living crisis is by growing the economy and we cannot tax our way to growth. My economic plan will get our economy moving by reforming the supply side, getting EU regulation off our statute books and cutting taxes.”

A source close to Ms Truss said: “Liz knows that business has a central role to play in delivering growth and levelling up.

“She will take the immediate action to create the best environment to attract investment right across our economy.

“She knows we cannot tax our way to growth. She will slash red tape, cut taxes and create an environment that empowers long-term private sector investment and ultimately delivers for hard-working people across the country.”

Everything you need to know about Liz Truss — video

Ms Truss’s government would also create new, low-regulation “Investment Zones” and “full-fat freeports” across the UK.

Her campaign team said they would empower local businesses to play a central role in creating new model towns, such as Bournville and Saltaire, attracting long-term private sector investment and creating new job opportunities.

The foreign secretary has also pledged to reverse the national insurance rise and cancel the planned increase in corporation tax.