Britain will follow World Trade Organization subsidy rules after its withdrawal from the European Union rules at the end of the year, UK Business Minister Alok Sharma said.
According to the minister, the UK is not going to opt for a "picking winners" approach.
"While our guiding philosophy remains that we do not want a return to the 1970s approach of picking winners and bailing out unsustainable companies with taxpayers’ money, the UK must have flexibility as an independent, sovereign nation to intervene to protect jobs and to support new and emerging industries," Sharma said in a statement.
This comes after the UK unveiled its Internal Market Bill earlier in the day, setting out a procedure of how trade powers currently held by the EU will be shared out starting from 1 January 2021.
The UK left the European Union on 31 December but has remained part of the single market during a transition period which is set to expire at the end of this year.
