Besides, the Banking sector can no longer have an access to the massive single market as a result of the modification of the arrangements. In other words, it would have accessibility to the single market, but only with the implementation of the application of the rulebook. According to it, the Economy will not get involved in the arguments and negotiations with respect to the development of the rulebook. Hence, the UK economy will not be able to influence negotiations with regards to the Capital Markets Union, in spite of its critical importance. Furthermore, the economy will also lose the ability to shape refinements that can protect the interests of the people. It will not have a voice in any decision-making process, and at the same time, it will neither have a seat nor can it vote on European Supervisory Authorities. Hence on exit from the EU, the UK will not be able to influence the technical rules proposed by those Authorities. Considering these issues, it has been further analysed that as a result of the impact of Brexit on the UK economy, the law establishing the framework of regulations within this economy would also need to change. Only then the UK can continue to maintain existing infrastructure implementing a post-Brexit model and take advantage of the passport system. This would allow the firms to provide new services through even after exit through the subsidiary of European Economic Area.

On the other side, if the UK adopts free trade agreement model, it would then enjoy the freedom of regulating own sector. Moreover, the European Communities Act has also showed that the extent of the freedom of the UK in carving out its own administration will depend on the adopted approach. In other words, the implementation of measures is important in order to be effectively addressing the gaps that can occur as a result of Brexit. Nevertheless, it has also been argued by some of the analysts, that it will be hard to replicate the UK for the EU with regards to a well developed financial infrastructure. The financial institution of the UK economy consisting of talented workforce, favourable time zone and sound legal system, cannot be thus easily replicated. Hence, there is a high need to redesign the international banking and financial law so that the aftermath of Brexit on the UK economy can be mitigated to some extent.

Author: This Post is Written by Mark Edmonds,who is a Academic Writer at Academic Assignments which provide assignment writing service in various subjects.

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