You are here: Home » International » News » Politics
Business Standard

UK takes step towards Brexit with Repeal bill

London has the largest share of banking and is well ahead of other countries in key markets

William James & Elizabeth Piper | Reuters 

Within May's Conservative Party, pro-Brexit lawmakers are fiercely defensive of her plan for a clean break with the EU

published Thursday to sever political, financial and legal ties with the European Union, an important step towards but one which the opposition said it would challenge.

The Repeal Bill is central to the government's plan to exit the in 2019, disentangling from more than 40 years of lawmaking and repealing the treaty that first made a member in 1972. Its passage through parliament could make or break May's future as prime minister. The election she called last month cost her an outright parliamentary majority and reopened the debate on the nature of Britain's exit. "It is one of the most significant pieces of that has ever passed through parliament and is a major milestone in the process of our withdrawal from the European Union," minister David Davis said in a statement.

The government also fleshed out its negotiating stance with the EU, publishing three position papers which underlined that would quit nuclear body Euratom and leave the jursidiction of the European Court of Justice.

Within May's Conservative Party, pro-are fiercely defensive of her plan for a clean break with the

Pro-Europeans are looking to extract concessions that soften the divorce terms.

Rebellion by either side could derail the and test May's ability to negotiate a compromise or find support from opposition parties. If she fails, her position could swiftly become untenable.

The publication of the bill is the first step in a long legislative process, with no formal debate in parliament expected on Thursday. It will be closely examined to see how the government plans to carry out the difficult and time-consuming technical exercise of transposing law.

The bill set out powers for ministers, with the approval of parliament, to correct to ensure they work after being brought into British law. These powers will exist until two years after the day leaves.

have expressed concern that the sheer volume of work could limit their ability to scrutinise the changes effectively and fear the government will introduce policy change by the back door. reuters

The main opposition has said it would oppose the bill unless it met six conditions, including guarantees for workers' rights. Tim Farron, leader of the Liberal Democrats, said he would work to soften May's stance, promising the prime minister that "this will be hell".

The bill will also face scrutiny from British companies, many of which have spent the year since Britons voted by 52 per cent to 48 to leave the trying to figure out how the change will affect their business.

"A legislative transition of this scope has never before been undertaken," Adam Marshall, Director General of the (BCC), said in a statement.

"We will be keeping a watchful eye for the possibility of unintended consequences that lead to new burdens or compliance costs, whether particular firms, sectors or the economy as a whole."