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Senior figures in the City of London geared up their lobbying efforts in advance of the Repeal Bill going before parliament later today and cautioned MPs against playing politics with the proposed legislation.
The head of the CityUK, a lobbying group for large businesses in the Square Mile, said that “getting it right” was imperative for parliament and that companies wanted to see a smooth passage of the key piece of Brexit legislation to “maximise certainty”. “The enormity and importance of this task cannot be overstated,” said Miles Celic, the organisation’s chief executive, who pointed out that the Bill involves the translation of more than 12,000 EU regulations into UK law and the adaptation of 7,900 statutory instruments.
Celic said: “It is vital that all parties work to ensure the best outcome for the UK as a whole. The UK is the leading international financial centre and the preeminent international legal services hub. This position rests firmly on maintaining a robust regulatory regime and legal certainty.
“Ensuring that businesses operating in the UK are subject to the same obligations and procedures the day after Brexit as the day before is essential to maintain the UK’s leading position.”
Several weeks ago, the group published a report in conjunction with the “magic circle” law firm Linklaters on the implications on the City of the UK leaving the EU. That report recommended that the government adopted “a simple, principles-based approach” to adopting and adapting EU and EU-derived law. CityUK and Linklaters argued that such an approach “would largely remove the need to make extensive line-by-line amendments to the law”.