To ask the Secretary of State for Exiting the European Union, when will companies know which (a) regulator will be overseeing their business and (b) which rules will they will need to follow from the day after the UK leaves the EU; and whether the Government plans to charge businesses for the creation of new regulatory agencies in the UK in the event that the UK leaves the EU without a deal.
We must leave the EU on October 31 whatever the circumstances. To do otherwise would cause a catastrophic loss of confidence in our political system. We still wish to leave with a deal if we can and hope the EU will negotiate accordingly.
No decision has been reached on our future relationship with the EU's agencies and bodies after we have left. We are considering very carefully a range of options. In most cases we anticipate that repatriated EU functions can be absorbed by existing UK departments and existing public bodies. The EU (Withdrawal) Act 2018 will preserve the laws that we have made to implement our EU obligations and convert EU law which applies directly to the UK before exit. It will ensure that there is a functioning statute book on day one of exit providing certainty for business in a no deal scenario.
Prior to any decisions on establishing new UK-level bodies, the Government always looks to minimise disruption and costs, which includes considering alternative options, such as the use of existing public bodies.