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Brexit Will Need U.K. Parliamentary Vote After Court Ruling

Posted by Chris Advincula on Nov 3, 2016 7:19:11 AM

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>  U.K. government loses Brexit lawsuit over Article 50 vote

>  Supreme Court schedules appeal of case between Dec. 5 and 8

(Nov 3 Bloomberg) The U.K. must hold a vote in Parliament before starting the two-year countdown to Brexit, a panel of London judges decided, likely setting up a constitutional confrontation at the country's Supreme Court next month.

"If notice is given under Article 50, it will inevitably have the effect of changing domestic law," Judge John Thomas said Thursday, delivering a decision that is setback for Prime Minister Theresa May's plan to unilaterally start the process by the end of March by invoking Article 50 of the Lisbon Treaty.

The pound -- the worst-performing major currency before the ruling -- rose to a three week high against the dollar Thursday as investors speculated that the decision could force May to dilute her push for a so-called hard Brexit. The government said it will appeal, and the Supreme Court has already set aside a hearing between Dec. 5 to Dec 8. 

Click on the link below to see the full story from Bloomberg: (by Kit Chellel and Patrick Gower)

Brexit Will Need U.K. Parliamentary Vote After Court Ruling

 

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Topics: GBPUSD, EURUSD, U.K. Economy, Europe, Forex, BREXIT

 

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