The UK government aims to convert a huge body of European Law (around 20,000 individual pieces of legislation) into English Law before Brexit.
This will be achieved via the European Union (Withdrawal) Bill, informally known as the Great Repeal Bill, now being debated by the UK Parliament.
At the moment, the UK government has set a so-called ‘red line’ around any involvement post-Brexit by the European Court of Justice (ECJ) as the ultimate court of appeal for settling cross-border disputes. The Prime Minister, Theresa May, has, however, recently suggested she might be flexible in this area for the benefit of certain industry sectors, such as autos and chemicals.
This flexibility highlights, as the Prime Minister has also stated, that “nothing is agreed until everything is agreed.” Businesses, therefore, need to prepare carefully, so that they can monitor potential risks and opportunities as they develop.