During comments before an audience in Kuala Lampur, High Court Justice Lady Hale indicated that the government may be required to pass legislation if it wishes to proceed with leaving the European Union. Her remarks echo a recent ruling that stipulates that Prime Minister Theresa May must put the measures to a vote in the House of Commons before activating Article 50 to exit the EU. According to Hale, the requirement could potentially delay the activation of any “Brexit” by two years. This would completely ignore the referendum vote, rendering it non-binding on Parliament. Although there is already chatter that the government is preparing a bill to satisfy the requirements, the High Court is still scheduled to hear the government’s appeal in December. After climbing back above 1.2500 briefly, the GBPUSD pair is back on the retreat as “leave” optimism fades.
UK Exit May Be Delayed
Daily Analysis - 16/11/2016