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This week's Beyond Covid Digest explored the government's approach to post-Brexit deregulation. THREAD:
https://www.beyond-covid.org/the-digest/britannia-unchained-deregulation-after-brexit
https://www.beyond-covid.org/the-digest/britannia-unchained-deregulation-after-brexit
We examined the prospect of labour market deregulation, but in a rapid U-turn, Business Sec Kwasi Kwarteng announced today that BEIS has axed its review of workers’ rights. https://www.theguardian.com/politics/2021/jan/27/review-of-uk-workers-rights-post-brexit-is-axed-in-sudden-u-turn
The move followed widespread criticism that the measures reportedly under consideration were unaligned with the needs of both employers and workers, e.g. here: https://www.ft.com/content/d605d529-b139-42a6-ba1f-80f7d9e36643
Deregulation in other areas remains on the cards. Some fear environmental protections will be watered down, as Gov’t consults Heathrow, BP and other polluters on cutting red tape as part of its build back better council. https://www.independent.co.uk/environment/climate-change/boris-johnson-polluters-council-covid-b1789600.html
Analysis from @IPPR earlier this month highlighted that labour and environmental protections are at risk of erosion under the Brexit deal, as provisions for a regulatory “level playing field” will be difficult to enforce in practice. @MarleyAMorris https://www.ippr.org/news-and-media/press-releases/brexit-deal-leaves-workers-rights-and-environmental-protections-at-serious-risk-of-erosion-warns-ippr
This month, the Chancellor promised the UK financial sector a “Big Bang 2.0”, harking back to the explosion of financial deregulation in the 1980s. https://www.ft.com/content/cdaf23c7-3223-4a68-8ab8-9f1622b560e1
City of London bosses have welcomed the Government’s keenness to engage with businesses, but have argued there is “little need for wholesale deregulation in the UK” and the focus should be on “reregulation”. https://www.ft.com/content/1a2c7e3d-2bd9-4f9c-90c1-0732df98488e
@franboait, Director of @PositiveMoneyUK , and @JesseLGriffiths, CEO of the @TheFinanceLab , warned MPs against the risk of the post-Brexit ‘race to the bottom’ in regulatory standards last November. https://positivemoney.org/2020/11/positive-money-tells-mps-that-post-brexit-financial-regulation-falls-short-on-environment-and-accountability/
Freeports are on the agenda, as Gov’t hopes to establish the first ports this year and the SNP have proposed “green ports”. The UK Trade Policy Observatory has argued that the advantages to business are almost non-existent...
https://www.ft.com/content/7ee9e853-bea6-4797-9119-f7e20cdae3c0?
https://www.ft.com/content/7ee9e853-bea6-4797-9119-f7e20cdae3c0?
...while @TaxJusticeUK’s submission to the Government’s freeports consultation highlights risks of a political/regulatory race to the bottom and significant money-laundering in addition. https://docs.google.com/document/d/130dLH_RkVT_tab7ufipAQimoJtNaSFj9ZOfwrVzPFEM/edit?usp=sharing
The Beyond Covid Digest is a weekly newsletter helping you navigate the debates about how to build a fairer, more sustainable and more resilient economy. Sign up here:
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