Brexit: David Davis warns of 'three more years' of negotiations
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London School of Economics experts Anamika Ahir and Kevin R. James have written a blog post on the research university’s website entitled ‘Rebooting UK financial regulation for the post-Brexit world’. They said that in order for Brexit to become a success, the UK Government “must exploit the legal and — just as importantly — the intellectual freedom that follows from being free from the European Union policymaking machine to devise new policies that will provide the foundation for a more dynamic, innovative, and prosperous economy going forward”.
The Treasury is currently engaged in a far-reaching review of the current financial regulatory framework, illustrating the critical role financial markets will play in the success of the UK’s post-Brexit economy.
The experts have proposed the Treasury pursue three key reforms to the current system, which are: “First, set regulators a new objective, namely: make financial markets effective from the perspective of the real economy.
“Second, require regulators to implement an informationally consistent regime—that is: i) regulators must commit to collect and analyse the information that the regime they put into place demands; and ii) the regime must be designed to work effectively given the limited information that regulators can in practice collect and analyse.
“Third, devise new accountability arrangements and international engagement practices to ensure that these changes materialise. Consider each aspect of this reform program in turn.”
The three-point plan comes after new data suggested the UK will rebound faster from the Covid pandemic than the eurozone in another major boost to Brexit Britain.
Analysis by EY claimed the UK economy is growing at its fastest pace in 80 years and could recover back to pre-pandemic levels by the end of 2021, with GDP jumping back 7.6 percent.
Separately, analysis from the International Monetary Fund (IMF) recently revealed the UK economy is forecast to surge by seven percent this year, compared to 5.8 percent for the Eurozone
In addition, data from the European Central Bank (ECB) warned the eurozone economy would grow by just 4.6 percent before the end of the year.
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7.50am update: Escaped just in time! Horror EU plot to ‘absorb nations into hostile superstate’ exposed
Britain was lucky that it managed to quit the European Union when it did – but the “hostile superstate” remains a threat, as do a “hardcore rump of Rejoiners” keen to take Britain back into the bloc, a Brexiteer has said.
Leigh Evans, editor-in-chief of Facts4EU, was commenting on the think tank’s latest report, which argues eurocrats have “seized power by patience and stealth”, and now enjoy “supreme power over large parts of everyday life for citizens in the EU”.
Given the chequered history of relations between London and Brussels, the case for quitting the bloc was undeniable, Mr Evans told Express.co.uk.
He said: “Thank goodness the United Kingdom got out of the EU while we still could.
“The history of the EU from its beginnings as the ‘European Economic Community’ or EEC/Common Market has been one of mission creep.
“Theirs was always a project to absorb member countries into one superstate, as they made clear from the start when they talked of ‘ever closer union’.”
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