Shearman & Sterling LLP | FinReg | Queen’s Speech Confirms Government Will Proceed with Brexit Freedoms Bill
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  • Queen’s Speech Confirms Government Will Proceed with Brexit Freedoms Bill

    Prince Charles, Prince of Wales, delivered the Queen’s speech in which he announced that the government will be introducing the so-called Brexit Freedoms Bill, which was first announced by Prime Minister Boris Johnson on January 31, 2022, and is intended to make it easier to amend or remove retained EU laws to better suit the U.K.’s circumstances and policies. The Brexit Freedoms Bill will work in tandem with a government drive to reform, repeal and replace EU laws that are seen as outdated, cumbersome or otherwise not in the U.K.’s national interest.

    Prince Charles also said that new legislation would be introduced to strengthen the U.K.’s financial services industry and that the U.K.’s data protection legislation will be overhauled. This legislation is based on the retained EU law version of the EU’s General Data Protection Regulation. The changes are intended to boost innovation, competition and growth.

    Legislation will also establish the U.K. infrastructure bank, which will have objectives to support economic growth and the transition to net zero. Legislation will also be introduced to enable the implementation of the free trade agreements that the U.K. has entered since it left the EU.

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