The UK government announced on Monday its plans to accelerate new legislation that could be used to end the special status community law still retains in Britain’s legal framework after Brexit.

The so-called Brexit Freedoms Bill is meant to cut 1,000 million pounds (1,202 million euros) of bureaucratic spending on businesses, and the process of repealing or updating regulations will be facilitated.

“Despite our exit from the bloc, community laws made before January 1, 2020 continue to set precedent within our domestic framework,” Downing Street – the prime minister’s official residence – said in a statement.

The note added that “this is in no way compatible with our status as a sovereign and independent nation and the Government should end it as soon as possible.”

Meanwhile, Boris Johnson commented after announcing the bill that “finishing Brexit two years ago was a truly historic moment and the start of a new and exciting chapter for our country.”

According to the Tory leader, his Executive plan “will unleash more of the benefits of Brexit and ensure that businesses can spend more money on investment, innovation and job creation.”

“Our new Brexit Freedom Bill will end the special status of European Union (EU) legislation within our legal framework and ensure we can more easily amend or remove outdated EU legislation in the future,” Johnson noted.

The government has made clear in the past that its ultimate intention is to amend, replace or repeal all EU legislation it maintains “which is inappropriate for the UK”.

Downing Street believes that under the current rules, changing or removing rules would take “many years” and that the new bill “will ensure that changes can be made more easily” so that the UK “can take advantage of the freedom of Brexit more quickly.”

Government records do not specify how it was calculated that the business would save 1,000 million pounds of red tape.

British officials are currently reviewing the laws created by the EU to determine which ones are beneficial for the country.