News

The Great Repeal Bill

A new report from the International Regulatory Strategy Group (IRSG) in collaboration with Linklaters, urges government not to use the Repeal Bill to make policy changes that could risk turning it into a legislative Pandora’s Box.

Instead it should focus attention on the task of separating UK law from EU law and repealing the European Communities Act 1972 to ensure a continuing stable legal framework upon Brexit.

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.

The report outlines eight guiding principles designed to ensure continuity and certainty of law and reduce the risk of unintended consequences. They would also help to save huge amounts of time, resources and cost for both UK government and City businesses.

Domesticating EU law is widely recognised as the biggest legislative challenge the UK has ever faced. Given the complexity and scale of the task, the Repeal Bill should only be used to provide stability and continuity for business and its customers. Policy changes should be in separate legislation and be subject to proper consultation and planning.

The UK is the leading international centre for financial and related professional services – and a world-leading 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.

The Great Repeal Bill is an unprecedented task involving the translation of over 12,000 EU regulations into UK law and the adaptation of 7,900 statutory instruments plus primary legislation. The difficulties are compounded by the limited time frame in which to deliver it. The right approach is a principles-based one.

These proposals are not a panacea but do allow government to create a straightforward and transparent process for its own departments and businesses across Britain to follow as the UK leaves the EU.

 

BREXIT & Insurance News

Log in