Explanatory note

These Regulations are made in accordance with section 8 of the European Union (Withdrawal) Act 2018 (c.16) in order to address failures of retained EU law to operate effectively and other deficiencies (in particular under subsection (2)(d)) arising from the withdrawal of the UK from the European Union.

Regulation 2 revokes the retained EU law governing the EU budget, since it makes provision for arrangements which are no longer appropriate with respect to the United Kingdom.

Regulation 3 revokes retained EU law governing economic and monetary policy, since it makes provision for arrangements which are no longer appropriate with respect to the United Kingdom.

Regulation 4 has the effect that certain rights and obligations (etc.) concerning economic and monetary policy which become part of EU retained law by virtue of section 4 of the European Union (Withdrawal) Act 2018 cease to be part of domestic law.

Regulations 5 and 6 have the effect that the obligations of the Bank of England which derive from Article 123 of the Treaty on the Functioning of the European Union and which become part of EU retained law are restated in a clearer and more accessible way.

An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.