Reform UK has pledged to overhaul Britain\u2019s data privacy regime as part of a broader drive to cut business regulation and dismantle what it describes as \u201cridiculous EU laws\u201d.<\/p>\n
Robert Jenrick, the party\u2019s Treasury spokesman, said the General Data Protection Regulation had \u201cstrangled\u201d small businesses and technology companies, arguing that Britain should move further away from the regulatory framework inherited from the European Union after Brexit.<\/p>\n
Under Reform\u2019s proposals, the existing framework would be replaced with rules modelled on New Zealand\u2019s privacy legislation, which the party argues would impose fewer burdens on businesses.<\/p>\n
The proposals form part of a wider pro-business platform unveiled by Mr Jenrick, including changes to tax incentives designed to channel more private capital into small<\/a> companies.<\/p>\n Mr Jenrick said the GDPR had \u201cstrangled small businesses<\/a> and tech firms alike in a web of unnecessary regulation\u201d.<\/p>\n \u201cTen years after the Brexit referendum, we should not still be following ridiculous EU privacy laws<\/a> that hurt British businesses,\u201d he added.<\/p>\n Reform said it would also overhaul the Seed Enterprise Investment Scheme to make it easier for family members to invest in small businesses<\/a> operated by their relatives.<\/p>\n Under the proposed changes, parents and grandparents would be able to invest up to \u00a3250,000 in a child or grandchild\u2019s small business, receiving a 50 per cent income tax rebate and an exemption from capital gains tax if the investment<\/a> were held for three years.<\/p>\n The package represents an attempt by Reform to position itself as a party of lower taxes and lighter regulation for entrepreneurs<\/a>, while using Brexit as a platform for further divergence from EU rules.<\/p>\n The party has separately pledged to reverse the increase in employer national insurance contributions and unwind changes to inheritance tax<\/a> affecting farms.<\/p>\n It has also proposed a \u201chard work bonus\u201d that would remove income tax<\/a> from overtime earnings, extending its pitch to workers as well as businesses.<\/p>\n