Ahead of the presentation of the Repeal Bill to Parliament, TheCityUK cautions against it being used as a political football. TheCityUK urges MPs to pass the bill smoothly through Parliament and not use it to make policy changes. This approach will maximise certainty and ensure business continuity across all sectors. Doing so will be critical to achieving an orderly Brexit and delivering the legal certainty that businesses need.
Miles Celic, TheCityUK’s Chief Executive Officer, said,
The Repeal Bill is a huge undertaking, involving the translation of over 12,000 EU regulations into UK law and the adaptation of 7,900 statutory instruments. Getting it right is critical to providing the certainty and continuity business needs. The enormity and importance of this task cannot be overstated: it is vital that all parties work to ensure the best outcome for the UK as a whole.
The UK is the leading international financial centre and the preeminent international legal services hub. This position rests firmly on maintaining a robust regulatory regime and legal certainty. Ensuring that businesses operating in the UK are subject to the same obligations and procedures the day after Brexit as the day before is essential to maintain the UK’s leading position.
TheCityUK’s position is based on detailed analysis by the International Regulatory Strategy Group (IRSG) in collaboration with Linklaters, which outlines a framework for how to domesticate EU law. The report, ‘’The Great Repeal Bill’: Domesticating EU Law’, recommends government adopts a simple, principles-based approach to adopting and adapting EU and EU-derived law. Such an approach would largely remove the need to make extensive line-by-line amendments to the law.