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."