Dr Liam Fox promises to cut red tape post-Brexit to boost free trade

International Trade Secretary Dr Liam Fox has pledged to cut “bureaucracy and red tape” in a bid to promote free trade post-Brexit.

The staunch Brexiteer has said that, outside the European Union, the UK will enjoy “a new degree of economic agility”.

The comments came ahead of a speech by Dr Fox to the financial industry in which he is expected to say that maintaining the UK’s service offer will be at the forefront of international trade.

In a speech to leading policymakers as part of City Week in London’s prestigious Guildhall, he will say: “Liberalising the trade in services is at the heart of DIT’s offer to the finance industry.

“We will work with old allies and new partners across the world, utilising the UK’s economic strength and diplomatic prowess to forge new trading relationships.

“Ultimately, our task is to remove the unnecessary regulation, bureaucracy and red tape that inhibit the free trade in services.

“Whatever one’s view on the referendum result, it must be acknowledged that, outside the EU, this country will enjoy a new degree of economic agility.”

Dr Fox is also expected to highlight the growing demand for Britain’s service sector as the UK economy continues to thrive with increasing wages, record employment and inflation at its lowest in a year.

He will add: “The robust performance of the UK economy continues to defy the gloomier forecasts.

“Official figures show that inflation fell last month to its lowest level in a year.

“The employment rate is currently at 75.4% – up 0.8 percentage points from a year ago and the highest since records began.

“As recognised by the ONS, wages are now outpacing inflation, meaning more money in people’s pockets. This success has been a collective effort.”