UK’s finance industry warns of threat from Brexit law changes - RTRS
|According to a draft report seen by Reuters, the UK’s finance industry is expected to warn the government next week to limit ministers' powers to change legislation when it begins the task of converting EU laws into domestic legislation in lieu of Brexit.
The report is prepared by law firm Linklaters for a group funded by TheCityUK.
Key Points from the report:
Though some British politicians and business leaders voted to leave the EU to reform or abolish some EU laws, Britain's most powerful financial lobby group, warns the government against making changes when transferring them into domestic law.
An attempt to complete the exercise in less than the two years before Britain is scheduled to leave the EU could be "an overwhelming task" and create gaps in the law, undermining legal stability.
"Given the scale of the task ... we urge government to refrain from using this exercise to make policy changes, except where necessary as a direct consequence of Brexit."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.