Rishi Sunak unveils Brexit master plan: EU rules torn to trigger financial explosion | Politics | New
The Chancellor wants a new framework for financial regulation in the United Kingdom. He is seeking to do away with laws initially imposed by Brussels to give UK businesses more flexibility to boost the national economy.
When the UK left the bloc, EU law was automatically renewed.
Ministers are eager to go through the laws one by one and eliminate any that are deemed unnecessary.
The proposals put forward would give the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) the ability to replace EU laws with their own, better suited to the UK economy.
“The plans would require the FCA and PRA to consider both the implications for growth and international competitiveness of their regulations, as well as their existing goals of maintaining market integrity, consumer protection and ‘a healthy financial system,’ said the Treasury.
READ MORE: Brexit Britain wins as UK science sector poised to explode after EU split
A consultation on the plans will now take place and will continue until February 9 of next year.
Mr. Sunak said, “Earlier this year, I set out my vision for an open, green and technologically advanced financial services industry that is globally competitive and acting in the best interests of communities and communities. citizens of the UK, creating jobs, supporting businesses and spurring growth across the UK.
“An important part of this vision is to ensure, as an independent nation, that we have a consistent, agile and internationally respected approach to financial services regulation that is right for the UK.
“Today’s proposals will support the UK’s future strength as a global financial center, ensuring an agile and dynamic approach to regulation that supports the growth of the UK economy, without deviating from our continued commitment to high international standards. “
The Financial Regulatory Review is part of a broader regulatory reform as articulated by the Innovation, Growth and Regulatory Reform Working Group.
Earlier this year, Boris Johnson appointed Sir Iain Duncan Smith to lead the group, examining what UK regulations should look like after Brexit.
DO NOT MISS
Panic in Ireland: Dublin prepares trade war for Brexit [INSIGHT]
Macron torn to “campaign with the French checkbook” [REACTION]
NATO “stands ready” to act against Lukashenko amid border difficulties in Belarus [UPDATE]
The group presented its findings in June and argued that the regulatory burden should be removed from businesses in every area possible.
The task force called for an end to regulation for every possible scenario and a more sensible approach.
In September, Lord Frost presented the UK’s general approach to do away with Brussels laws.
He said the government was considering creating a “tailor-made mechanism” to amend laws first introduced by the EU, and would also create a new commission to consider which laws should be kept.
The Brexit Minister warned that it would be a “gigantic task” to break free from Brussels “given the extent of the EU’s influence on our political system for nearly 50 years”.
He said: “First of all, we are going to do a review of what is called ‘retained EU law’, and by that I mean the very many pieces of legislation that we have adopted in our own collection of laws through the withdrawal of the European Union Act of 2018.
“We must now revisit this immense category of law but, for us, abnormal.
“In doing so, we have two objectives in mind: first to remove the special status of retained European law so that it is no longer a separate category from UK domestic law, but standardized in our law with a clear legislative status.
“If we do not do this, we risk giving undue priority to laws derived from EU law over laws properly passed by this Parliament.”