UK Repeal Bill details now published 13 July
Formally known as the European Union (Withdrawal) Bill, the draft legislation is vital to the govt's Brexit strategy.It will repeal the European Communities Act 1972, which took Britain into the EU and remove the supremacy of Brussels law.
In essence it will copy and paste EU law into the UK statute book then those not required after Brexit will be voted out.
Brexit minister Davis says it would allow the UK to leave the EU with "maximum certainty, continuity and control".
"It is one of the most significant pieces of legislation that has ever passed through Parliament and is a major milestone in the process of our withdrawal from the European Union,"
"By working together, in the national interest, we can ensure we have a fully functioning legal system on the day we leave the European Union.
"The eyes of the country are on us and I will work with anyone to achieve this goal and shape a new future for our country."
It is not expected to be debated fully until the Autumn but initial discussions will begin tomorrow and will need to have been passed by the time the UK leaves the EU - due to be in March 2019.
This is going to be one heck of a messy process for the UK govt with plenty of opposition determined to de-rail the Bill being passed, at least in its current form.
GBPUSD currently 1.2923 as EURGBP bounces to 0.8819 and EURUSD up to 1.1400 again.
Keep up at the back!
Meanwhile the clock continues to tick.
The Brexit clock is ticking away.
