Boris Johnson Urged To Remove Any Trace Of EU Law To Escape Brussels’ Control.
BREXIT BRITAIN risks remaining bogged-down in EU law unless it ruthlessly strips out all vestiges of the bloc’s rules from the UK’s legal system in favour of common law, a top City lawyer has warned.
Barnabas Reynolds has also urged Parliament to appoint a panel to monitor the activities of UK regulators whom he fears will otherwise have too much power over rules governing financial services.
Mr Reynolds, a partner at City-based law firm Shearman and Sterling, will discuss his new paper, Restoring UK Law: Freeing the UK’s Global Financial Market at a webinar organised by the Politeia think tank tomorrow. Attorney General Suella Braverman and former Conservative Party leader Iain Duncan Smith will also attend the virtual meeting.
Mr Reynolds said that it was crucial for rules and regulations relating to financial services to be streamlined and simplified. He explained: “The UK’s traditional method has been for principles-based regulation, focusing on high standards, predictably applied, but with fewer rules.
“The EU’s approach is based on the continental civil law, code-based systems, where every aspect of financial business is smothered by a blanket of regulations. What is more, the ECJ’s purposive method of interpretation makes those regulations unpredictable in their meaning. The approach ossifies the law, with the European Commission constantly attempting to update and upgrade the codified scheme to catch up with new business activity. It also dampens innovation.”
The UK may no longer be a member, but in many areas, EU laws which previously superseded common law have simply been adopted by the UK and therefore remain in force, stifling innovation, undermining entrepreneurship and adding layers of regulation, Mr Reynolds said.
He added: “Now we have left, we need to strip out the unattractive elements of EU law – and there are many – and revert to the traditional UK approach, which is far more attractive and beneficial to business.”
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