According to the Department for Business and Trade (DBT), the plans will also cut business costs and reduce “unnecessary red tape” to spur investment.

A consultation will assess how the UK can better regulate modern innovations such as internet-connected devices, including smart watches and speakers, as well as AI.

The DBT also said that an e-labelling scheme will help businesses to save time and money by allowing product information to be easily and regularly updated.

Further reforms related to furniture and fire safety regulations have been designed to protect consumers, which include a reduction in the use of harmful chemicals.

Some of the UK’s product safety laws are more than 30 years old and underpinned by rules originally created by the EU.

Nevertheless, the government announced yesterday that Britain is to retain the EU’s product safety CE mark indefinitely, rather than make its own post-Brexit alternative compulsory, in a move welcomed by manufacturers...