Fifty restrictions on activities including business and house-building that could be eased when Britain is fully independent after the Brexit transition period are being examined.
The group is chaired by David Cameron’s former policy chief Sir Oliver Letwin, and its proposals will be handed to Business Secretary Greg Clark in September.
Its advisory panel includes Marks & Spencer chairman Archie Norman, former Bank of England deputy governor Sir Paul Tucker and former Northern Ireland Secretary Theresa Villiers, as well as Labour MP Frank Field, ex-Cabinet secretary Lord Butler and former Lib Dem minister David Laws.
“There are problems that we can easily cure and we are recommending changes that would cure them after Brexit,” Sir Oliver said.
“One could imagine all 50 coming into effect the day after the end of the transition period.”
The group recommends slashing bureaucracy in 10 sectors, including housing, retail, health and energy, in consultation with employers, unions and regulators.
Five QCs are drafting the legal amendments to make the changes.
Sir Oliver said the final paper would be evolutionary rather than revolutionary and did not deal with sensitive issues like workers’ rights.
Rules under the spotlight include the EU “state aid” ban that stops the Government giving small builders cheap loans to build council or housing association homes.
They are also targeting regulations needing Brussels agreement for major infrastructure work and ambiguities which deter firms from claiming funds to hire new apprentices.
The work emerged as Theresa May said she was confident of a good Brexit deal.
The Prime Minister spoke of an “ambitious but practically based and therefore credible” view of the way forward.
“If we look at our future prosperity and security in the UK and in the other 27 countries, the right deal for us will be the right deal for them too, and it’ll be the right deal for our people,” Mrs May told BBC One’s The Andrew Marr Show.