Posted: Friday, 4 January 2019 @ 13:43
One of the concerns over Brexit was that would lead to a possible decline in employment law rights given that EU legislation has played such a role in formulating UK employment law legislation and there is a Conservative Government in charge who may take a less sympathetic stance to employees.
No one knows how the future will pan out but it does remain unlikely that the Conservatives (or indeed any government) would seek to erode employment law rights in the UK.
When the new laws come in to replace whatever EU legislation that needs replacing, the rights will remain the same.
The main reason for this actually stem from the poor economic performance since the financial crisis of 2008 as illustrated by the record low interest rates and the concerning future.
Irrespective of Brexit (which is bound to be a destabilising factor to some extent), the financial position remains of worry.
Last month we had Lord Rothschild, chair of the £3.04 billion Rothschild Investment Trust, revealing he has significantly reduced his exposure to listed shares, and saying ‘Central bankers are continuing what is surely the greatest experiment in monetary policy in the history of the world. We are therefore in uncharted waters and it is impossible to predict the unintended consequences of very low interest rates, with some 30 per cent of global government debt at negative yields, combined with quantitative easing on a massive scale..... Meanwhile, growth remains anaemic, with weak demand and deflation in many parts of the developed world’
Ultimately economic play a key role in influencing the employment law environment. At best the business environment will remain poor and no political party is going to erode employment law rights when so many people feel so unstable and unsure of their economic future. It would be political madness.