The UK will be financially strapped after Covid and Brexit. It will be asked: why are we wrapping our businesses in regulatory red tape that came from Europe anyway?
Some elements will say, anti money laundering directives from Europe and bribery and corruption initiatives from Europe and the ECB should be removed to improve our business prospects.
Political pressure will build both to reject new EU legislation because it’ll be seen as stymieing business and also to not enforce legislation already in place.
At a time when government is relying on tax paid by businesses to refresh the money tree that was shaken dry by Covid, there will be those that say that business and companies should be protected and allowed free rein on regulation.
it will be argued that the UK economy cannot afford rigorous AML and anti-bribery law so it should be weakened to foster stronger companies.
One concrete case of this occurred when a judicial body sought to introduce tougher law on criminal liability for companies commiting offences. The result, a slap down from HM Treasury saying such a law (at a time when Brexit and Covid were hurting companies) would stymie business.
Brexit adds to the pressure on the economy as people leave the UK to set up businesses elsewhere.
The fear is that government will seek to offer tax incentives to companies on the one hand and weaker regulation on the other. We are en route to a Singapore style economy in a Western landscape and without Singapore’s highly entrepreneurial and politically autocratic climate.
The result: less regulation, more corruption and inevitably , more crime.