A new subsidy system to provide support for businesses will 鈥減ropel the 海角视频 to the forefront of innovation and help create the jobs of the future鈥, the Business Secretary has said.
Kwasi Kwarteng announced plans for a long-term replacement to the European Union鈥檚 state aid regime, signalling a break away from Brussels鈥 rules post-Brexit.
It is hoped the new scheme will allow the 海角视频 to be more dynamic in helping businesses, and that it will encourage job creation and growth.
Local authorities, public bodies and the devolved administrations will be able to decide if they can issue subsidies to businesses, following 海角视频-wide principles, under the plans.
The Government will consult with businesses and the governments in Scotland, Wales and Northern Ireland on the proposals.
Mr Kwarteng said: 鈥淭his is a significant milestone on our historic journey as an independent, sovereign nation.
鈥淥ur new, more flexible system will empower public authorities and devolved administrations, and ensure fair competition for businesses across the 海角视频.
鈥淣ow we have taken back control of our money and laws from the EU, we want to use our newfound freedoms to propel the 海角视频 to the forefront of innovation and help create the jobs of the future, while also making the 海角视频 the best place to start and grow a business.
鈥淲ith a modern, tailored approach to supporting businesses, we will also be able to press ahead with our long-term ambitions to tackle climate change and to level up opportunity as we build back better from the pandemic.鈥
