News

UK Supreme Court ruled that Parliamentary approval is needed to trigger Article 50 - BBH

Research Team at BBH notes that as widely expected, the UK Supreme Court ruled that Parliamentary approval is needed to trigger Article 50 start the divorce proceedings with the EU.  

Key Quotes

“The Court decided by an 8-3 majority that a bill needs to be submitted to both chamber, but that the approval of the regional assemblies (e.g. Scotland, Northern Ireland) is not necessary.”

“A bill is more onerous than a motion in that not only are both chambers involved, but amendments can be added that contains further conditions.  This appears to be Labour's strategy; not to oppose the triggering of Brexit, but to ensure a larger role for parliament to ensure it is integral in the process.  Two elements that could work in favor of the government is the fact that it was not a unanimous decision and that the regional assemblies have no role.  The former had been anticipated, though some reports suggested a 7-4 decision.  The latter had greater potential to disrupt May's timetable given the recent collapse of the Northern Irish assembly.”

“The issue now becomes parliamentary in nature in the sense that the government will craft a bill to minimize the scope for amendments, and which amendments are discussed and for how long.  The Tories have a small majority in the House of Commons, and the challenge will be for an amendment to find sufficient support.  Initially at least, the Supreme Court ruling ought not to push back May's end of Q1 target for triggering Article 50.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.