Boris Johnson has vowed to banish EU red tape
The Foreign Secretary was joined by former Tory leader Iain Duncan Smith, who said Brexit would allow the Government to “whittle away” European Union rules.
At the end of the two-year negotiating period with the EU, Britain will then be able to decide on a case-by-case basis whether to eradicate each rule or keep it.
If every rule was shelved, the UK could save more than £100billion, with the Common Agricultural Policy alone costing billions in inflated prices.
In reality, the saving is more likely to be close to £13bn a year, according to think-tank Open Europe.
READ MORE: What is the Brexit plan?
Boris Johnson said EU rules and regulations were 'burdensome'
A spokesman said: “EU regulation places a significant cost on the UK economy and there is scope for savings, so we would call on parties to commit to repealing unnecessary red tape.
"Brexit offers an opportunity to tailor rules to the specific nature of the UK economy, rather than the one-size-fits-all approach characterised by EU regulation.”
Foreign Secretary Boris Johnson in pictures Thu, July 21, 2016
Foreign Secretary Boris Johnson attends his first EU foreign ministers meeting in Brussels to discuss the issues in Turkey, Syria, and the Middle East.
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British Foreign Secretary Boris Johnson addresses the press after a meeting with the French Minister of Foreign Affairs Jean-Marc Ayrault at Quai d'Orsay on July 28, 2016 in Paris, France
It will be an opportunity for this country to get rid of some of the burdensome regulation that has accreted over the last 44 years
This was celebrated by Mr Johnson: “It will be an opportunity for this country to get rid of some of the burdensome regulation that has accreted over the last 44 years.”
READ MORE: What is the Brexit White Paper?
Mr Duncan Smith also highlighted the cost benefits involved with shedding tedious and lengthly EU regulation.
He said: “This is a huge undertaking and will in effect cover pretty much every domestic area.
Boris Johnson, unlike former ally David Cameron, voted Leave
Scrapping EU regulations could save the UK billions per year
"The list [of EU rules] stretches from banking and financial services, to agriculture and fisheries.
"Let us leave and then the Conservative Party at the next election needs to say, ‘we can reduce the cost on business and on individuals by reducing regulations which will improve our competitiveness, our productivity and therefore ultimately our economy.’”