UK to Hold Parliament Vote Before Brexit

United Kingdom was ruled by a court to hold a Parliament vote before its two-year countdown to Brexit. London judges decided to hold a constitutional hostile agreement at the UK Supreme Court in December.

On Thursday, Judge John Thomas stated that without Parliament’s approval, the domestic law would be changed unavoidably if the country departs from European Union. The panel of judges’ decision is a set-off on the plan of the new UK Prime Minister Theresa May, which is to start the Article 50 appeal of the Lisbon Treaty by March-end.

London’s financial and political districts were immediately affected by the court ruling. Amid the debate of whether May will alter her constitutional plan or not, the pound climbed to its three-week high against the dollar. In 2016, pound became the worst performer among major currencies.

U.K. to Hold Parliament Vote Before Brexit

Source: Bloomberg

Even if they lose an approval to the entreaty, March timetable could still be pushed forward, said the government.

A Supreme Court- scheduled hearing between December 5 and December 8 will likely be participated by 11 judges. This will be the first in the history of tribunal for seven years. The government presses that they will raise the issue.

After the decision was announced, pound continued its gains. In the wake of Bank of England’s announcement that interest rate hike is no longer expected, pound extended its gain as of 10:17 A.M. in London. Royal Bank of Scotland Group Plc, Barclays Plc, and other bank shares increased.

The panel of judges attempts to separate politics and their analysis. Instead, they focus on the 17th century constitutional legal issues to make decisions.

The June 23 referendum’s non-binding nature made it undependable to inflict changes on domestic law irrespective of the lawmakers’ votes.

In Belfast, Justice Paul Maguire declined two Brexit process challenges. According to Maguire, the court has no power to interfere with how Article 50 will be invoked by the government. Interrelated takes on Ireland’s Good Friday Peace agreement and lawmakers’┬ávotes were dismissed.

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About the Author
The Stock Signals Philippines is the online news media arm of Equilyst Analytics. Inc., an SEC-registered stock market consultancy firm in the Philippines that guides Filipinos on long-term investing and short-term trading and offers mentoring services.

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