Brexit may birth many regulators

Britain will probably have to 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 issues.

Uncertainty over the future of sector-by-sector regulation, much of which is currently handled by Brussels, is a major concern for firms operating in dozens of industries such as banking, 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 it plans to translate European Union law into British law last week when it published legislation known as the 'repeal bill'.

A government source said an assessment of which new regulators would be 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.

NAMPA/REUTERS