The UK government is set to break its promise to scrap all inherited EU laws by the end of 2023.
Business secretary Kemi Badenoch told Tory Brexiters the majority of almost 4,000 pieces of legislation would be retained by the UK, with around 800 potentially being removed by the end of the year, according to the Financial Times.
FCA sets out ideas for post-Brexit rules of UK asset management sector
The UK government is also looking to scrap its ‘sunset clause', according to which all EU law would expire after 31 December 2023 if not removed or retained.
This would be possible under the Retained EU Law Bill, which is set to be examined in the House of Lords in May and is likely to receive strong opposition.
A government spokesperson told the FT: "We remain committed to ensuring the Retained EU Law Bill receives Royal Assent and that the supremacy of EU law ends with unnecessary and burdensome EU laws removed by the end of this year."