Brexit: UK still set to trigger Article 50 before end of March despite Court defeat - Danske Bank

Matías Salord FXStreet

According to analysts from Danske Bank, the United Kingdom is still set to trigger Article 50 (Brexit) before end of March despite the government’s defeat in Supreme Court.

Key Quotes:

“Parliament – not the government – has the power to invoke Article 50. UK government does not need to consult assemblies in Northern Ireland, Scotland and Wales before triggering Article 50.”

“We do not think the triggering of Article 50 will be delayed. UK government set to introduce Article 50 legislation ‘within days’. Arm wrestling between the government and members of parliament in the coming two months ahead of triggering Article 50.

“We will have some arm wrestling between the government and the members of parliaments in the coming two months ahead of the triggering of Article 50. However, it is worth noting that the EU is not bound by whatever strings may be attached by the UK government, so we still think we are heading towards a hard Brexit, as the UK cannot stay within the single market and get control over EU immigration at the same time.”

“We still target EUR/GBP at 0.88 in 3M.”

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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