In response to the Repeal Bill, Catherine McGuinness, Policy Chairman at the City of London Corporation said:

“The Repeal Bill is a vital piece of legislation that will determine the success of Brexit for the UK and the EU.

“It is also one of the largest legislative processes ever undertaken.

“A recent report by the International Regulatory Strategy Group (IRSG)* advocates a simple, principles-based approach to domesticating EU law, where clarity and certainty will be key.

“This would remove the need to make extensive line-by-line amendments to the law, saving Government time and resource - an important element to consider as the UK edges towards the Brexit deadline.

“Brexit has brought a significant amount of uncertainty for firms in the UK. Industry is looking for a smooth transition that has as little disruption as possible on business - a continuation of the current framework is important.

“As a sector that provides 2.2 million jobs and £72 billion to the economy, we are hopeful that the Government understands the need to consider the implications for the financial and professional services sector.”

*Please find a link to the full IRSG report here.