Brexodus and Parliamentary supremacy: Difference between pages

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The term 'Brexodus' is a combination of '''BR'''itain and '''exodus'''.
''UK law''.
The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers.
This principle was fundamentally affected when the UK joined the EU in 1973.


It refers to the movement of businesses and individuals out of the UK that is considered to be a result of Brexit.
Parliamentary supremacy meant that:


1) The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.


:<span style="color:#4B0082">'''''Brexit: finance firm relocations mount up'''''</span>
2) No UK Parliament could bind its successor.  Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.


:"Some 275 firms in the finance sector have either pulled, or are preparing to pull, business worth £900bn out of the UK because of Brexit, according to a March [2019] report from New Financial.
3) The UK courts had to apply the relevant statute law enacted by the UK Parliament.
By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK. 
The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.


:Entitled ''The New Financial Brexitometer'', the report notes, 'Brexit effectively happened some time last year'.
The position now is that:


:New Financial MD William Wright says: 'The top line figure almost certainly understates the extent of the Brexodus.
1) The EU may pass legislation directly for the UK.


:We are only looking at companies that have said publicly what they are doing or have set up a new entity in the past 18 months.
2) The UK cannot, generally, make laws that conflict with EU law.  


:This is phase one.'"
3) Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.
 
 
:''The Treasurer magazine, Cash Management Edition April 2019, p6.''




== See also ==
== See also ==
* [[Article 50]]
* [[European Union ]]
* [[Brexit]]
* [[Brexit Day]]
* [[Cliff edge]]
* [[Department for Business and Trade]]  (DBT)
* [[Department for Exiting the European Union]]
* [[Equivalence]]
* [[European Economic Area]]
* [[European Free Trade Association]]
* [[European Union]]
* [[European Union (Withdrawal Agreement) Act 2020]]
* [[Frexit]]
* [[Grexit]]
* [[Hard Brexit]]
* [[Make UK]]
* [[MD]]
* [[New Financial]]
* [[No Brexit]]
* [[No Deal]]
* [[Offshore]]
* [[Parliamentary supremacy]]
* [[Schengen Area]]
* [[Sovereignty]]
* [[Sovereignty]]
* [[United Kingdom]]
 
 
=== Other links ===
[https://www.treasurers.org/hub/technical/brexit Brexit - ACT Resources]
 
[https://newfinancial.org/the-impact-of-brexit-on-the-city/ New Financial: The impact of Brexit on the City so far]


[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Financial_products_and_markets]]

Revision as of 14:20, 23 October 2012

UK law. The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers. This principle was fundamentally affected when the UK joined the EU in 1973.

Parliamentary supremacy meant that:

1) The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.

2) No UK Parliament could bind its successor. Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.

3) The UK courts had to apply the relevant statute law enacted by the UK Parliament.

By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK. The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.

The position now is that:

1) The EU may pass legislation directly for the UK.

2) The UK cannot, generally, make laws that conflict with EU law.

3) Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.


See also


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