How the government handles the ‘Great Repeal Bill’ will be significant in allowing the UK to make a success of Brexit, said Dick Jenkins of Bath Building Society and the Building Societies Association.
The Great Repeal Bill will see EU legislation copied into UK law although parliament will be able to ‘amend, repeal and improve’ laws.
The plan is for the bill to be passed before the UK has left the EU but it will only become law when that happens.
Dick Jenkins (pictured), chief executive of Bath Building Society, said: “Care will need to be taken with the Great Repeal Bill to ensure that the potential benefits of leaving the EU can be realised.
“Whilst the immediate impacts of Brexit are fairly minor for a business trading solely in the UK, we remain concerned about the secondary impacts on the economy.”
Jenkins was speaking after Bath released its annual figures for 2016.
It was a mixed bag for the society, which upped its lending by 1.9% to £231.2m but saw its profit fall by 17% to £3.4m.
Jenkins revealed Bath will target the later life market imminently.
He added: “We are looking forward to launching a new mortgage targeting retired customers in the coming weeks through our innovative approach to lending to this group.
“We continue to be committed to helping people in Bath and further afield to buy homes.”