The Conservative party conference was dominated by debates on how the government would go about implementing the process of removing the UK from the EU.
Chancellor Philip Hammond told delegates that the vote to leave the EU may cause “turbulence” and that business confidence would be on a “bit of a rollercoaster”.
Here is a round-up of this week’s top Brexit related stories.
Article 50 To Be Triggered By March 2017
The UK will aim to begin formal negotiations to leave the EU by the end of March 2017, Theresa May told the Conservative party.
The timing of the issuing of article 50 means that the UK will likely cease to be a member of the EU in summer 2019.
Theresa May said:
“We are going to be a fully independent, sovereign country – a country that is no longer part of a political union with supranational institutions that can override national parliaments and courts.”
Dr Adam Marshall, acting director general of the British Chambers of Commerce, said:
“For most businesses, getting Brexit right is far more important than doing it quickly. Now that the prime minister has set a timetable, the government must demonstrate to business that it has a clear and coherent strategy to defend the UK’s economic and business interests in the negotiations that lie ahead.”
‘Great Repeal Bill’ Announced
Secretary of State for Exiting the European Union David Davis has provided detail on how the government plans to remove itself from EU law.
The government will repeal the 1972 European Communities Act, which gives EU law supremacy over UK national law.
The repeal bill will mean that this act ceases to apply to the UK after Brexit. It will also include powers for ministers to make changes to secondary legislation so that laws can be adjusted as needed throughout the negotiation process.
David Davis, said:
“To ensure continuity, we will take a simple approach. EU law will be transposed into domestic law, wherever practical, on exit day.”
Dr Adam Marshall, said:
“A stable regulatory framework – not immediate disruption and change – is important at a time of transition and business uncertainty. Since businesses have already incurred the costs of adjustments and adaptation, existing EU rules should be maintained, with more thorough reviews over the fullness of time.”