18th October 2022 Posted by - Alexander Accountancy
The UK Government will end the special status of all retained EU law by 31 December 2023. Under the Brexit Freedoms Bill, all EU legislation will be either amended, repealed or replaced.
Many EU laws kept on after Brexit were agreed as part of a compromise between 28 different EU member states and were duplicated into the UK’s statute books.
All EU legislation will be amended, repealed, or replaced under the new Brexit Freedoms Bill introduced to Parliament last month, which will end the special legal status of all retained EU law by 2023 and give the UK the opportunity to develop new UK laws.
The Brexit Freedoms Bill will enable the UK government to remove EU regulation in favour of, what they describe as a “ More agile, home-grown regulatory approach that benefits people and businesses across the UK. By removing these legal restraints and replacing them with what works for the UK, our businesses and economy can innovate and grow to new levels.”
They further comment that “As a result of the bill, around £1 billion worth of red tape will be removed, giving businesses the confidence to invest and create jobs, while transforming the UK into one of the best regulated economies in the world.”
The Bill is an integral step in the new Prime Minister’s mission for growth and it is hoped that it will support Britain’s businesses to capitalise on the UK’s leadership in areas like clean energy technologies, life sciences and digital services.
