Britain may need fewer than 10 new regulators post

LONDON (Reuters) Britain will probably set up fewer than 10 new regulators after leaving the European Union, a government source said on Wednesday, offering the first assessment of how officials will tackle one of the most business sensitive Brexit uk canada goose outlet issues.

A view of the Canary Wharf district with the Shard building (R) is seen in London, Britain July 7, 2017. REUTERS/John Sibley

Untangling decades of complex Canada Goose online legal ties between Britain and the EU is seen as one of the most difficult technical challenges of enacting last year Brexit vote, and also one of canada goose clearance sale the most crucial canada goose for the future of the world fifth largest economy.

Uncertainty over the Canada Goose Jackets future of sector by sector regulation, much of which is currently handled at EU level, is a major concern for firms operating in dozens of uk canada goose industries such as banking, cheap Canada Goose pharmaceuticals and aviation.

Business lobbying group the Confederation of British Industry has previously suggested that 34 EU regulators will no longer have jurisdiction in Britain after Brexit.

The government set out how canada goose black friday sale it plans to translate EU law into British law last week when it published canada goose uk black friday legislation known buy canada goose jacket as the repeal bill.

A government source said an assessment of which new regulators would be Canada Goose Outlet required under the repeal bill is expected to be a low number, and probably less than 10.

A source close to British Prime Minister Theresa May also said the number would most likely be in single figures.

The government source did not detail which industries might need a new regulator.

Some firms have already raised the possibility that they would choose to relocate to avoid the higher costs associated with regulatory uncertainty.

Specifically, firms worry whether domestic regulation regimes will allow them to access EU markets, whether British and EU rules will diverge over time, and if they will be asked to bear the cost canada goose coats of setting up new industry watchdogs.

from the Brexit bonfire of bureaucracy promised by Leave campaigners, new regulators with different rules from those in the EU could cause a real red tape headache for British businesses, said James McGrory, Executive Director of Open Britain, a cross party pro EU 2018 Canada Goose sale campaigning group.

Launching the repeal bill last week, the government canada goose factory sale said it wanted to ensure maximum legal consistency for firms Canada Goose Online between the day before Canada Goose Coats On Sale Brexit and the day Britain leaves. There is also canada goose uk outlet expected to be a transition period during which EU regulation may still apply in some areas.

EXISTING BODIES Chris Leslie, former finance spokesman for the opposition Labour Party, said the lack of detail envisaged for Britain future regulatory framework was

He told Reuters: not much use canada goose coats on sale transferring canadian goose jacket responsibilities from Brussels into the UK if we can decide who will enforce or monitor those rules going forward. Ministers need to wake up Canada Goose sale and realize this is far bigger than some simple cut and paste exercise.

The low estimate for the number new watchdogs suggests officials are looking at ways to push regulatory functions onto canada goose uk shop existing domestic industry bodies a move that could also be expensive and disruptive for businesses.

regulators do not come cheap and ministers need to come clean about the cost to the taxpayer, who were promised a Brexit windfall for our public services like the (National Health Service) instead, McGrory said.

For example leaving the nearly 900 person European Medicines Agency, which Canada Goose Parka is set to move from its current base in London, could mean its functions would be transferred to the existing standalone UK regulator to decide if drugs are fit for use.

That expansion would likely be expensive, and could also introduce additional costs of doing business that then delay buy canada goose jacket cheap the introduction of new medicines into the UK.

But that would inflame eurosceptics in May party as it could pave the way for the European Court of Justice to remain cheap canada goose uk the arbiter of canada goose clearance disputes, and firms have expressed concerns canada goose store about the cost of such an arrangement.