The following announcement provides encouragement that a replacement for the EU State Aid process is in development. Details from a recent Government press release are set out below.
A new UK-wide system for providing more flexible and tailored financial support to businesses has been set out under plans by the Business Secretary, taking advantage of the UK’s newfound freedoms as an independent trading nation.
The new subsidy control system, which will be the long-term replacement for the EU’s prescriptive state aid regime, will allow the UK to be more dynamic in providing support to businesses, including in innovative, R&D-focused industries, to encourage job creation and growth across all parts of the UK.
Previously, public authorities had to follow...