12/09/2017 - Parliament Backs EU Repeal Bill

GBP

The UK government's bid to transfer laws from Brussels to Britain has this morning passed its first parliamentary test with MPs backing the EU Repeal Bill by 326 votes to 290.

The bill gives the ruling Conservative party  the power to “amend, repeal, and improve” its own domestic laws as and when it deems necessary once all EU existing laws have been applied after Brexit.

The withdrawal bill will overturn the 1972 European Communities Act which originally took the UK into the European Economic Community and will also end the juridstriction of the European Court of Justice.

Prime Minister Theresa May welcomed the commons vote having previously described it as an "essential step” in the process of leaving the blocs. 

Ministers in favour of the bill have also argued that it would protect businesses and citizens from “cliff-edge uncertainty” when Britains’s EU membership ends in March 2019.

However the consensus amongst opposition parties was to vote against the bill since it will give ministers the power to adjust legislation without appropriate scrutiny from Parliament.  

Shadow Brexit secretary Sir Keir Starmer has described it as a “naked power grab” from the government adding that "this is a deeply disappointing result".

With Conservative MP's already believed to have scheduled new amendments, the bill will move onto its next parliamentary stage.

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09:30 – GBP – CPI y/y; Forecast at 2.8% against a previous of 2.6%.