On the day Prime Minister Boris Johnson ordered all restaurants to close in reaction to the growing number of coronavirus disease (COVID-19) cases, a food delivery man cycles by a closed restaurant in London, Britain, March 20, 2020. Henry Nicholls/Henry Nicholls/Henry Nicholls/Henry Nicholls (Reuters) – LONDON, June 30 (Reuters) – Britain said it planned to make it easier for firms to get state aid through a new, more flexible subsidy structure, and that leaving the EU would allow it to focus on home priorities like green sector development. Ministers had previously defined the new system, which will be enacted into law for the first time later on Wednesday. “This is it,” business minister Kwasi Kwarteng responded on Twitter when asked “what are the positives of Brexit?” He described the EU system as extremely cumbersome and slow, as it applied to Britain until it finalized its leave from the bloc at the end of 2020. “The UK’s new, flexible structure will enable public authorities to provide timely and effective subsidies to viable enterprises,” Kwarteng added. The scheme, which was first proposed in February, will be based on the concept that subsidies are permissible if they benefit the British taxpayer. find out more State aid would not be used forever to prop up failing or insolvent businesses, nor would it be used to allow one region of the UK to undercut another, according to the business department. The United Kingdom has chastised countries like China for aggressively subsidizing state-owned firms that disrupt international trade. The government, on the other hand, claims that its new plan will allow it to promote growing industries, small enterprises, and R&D. William James contributed to this report.
William Schomberg did the editing.
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