UK Supreme Court to address Brexit ruling after May speech

January 24, 2017 Forex Market News Tags: , , , , , 0 Comments

British Prime Minister Theresa May has ended speculation as to the future of the United Kingdom at a press conference last week, after comments were made that the UK is focused on a “clean break” from the European Union.

“The United Kingdom is leaving the European Union, and my job is to get the right deal for Britain as we do,” said May on Tuesday, causing the pound to spike more than 3 per cent. The overriding factor is that regardless of the Brexit deal, it is still subject to a parliamentary vote. Prime Minister May cautioned that it is Britain’s intent to remain a “good friend” of the EU, but that a number of member countries are making an example of the UK to prevent further segmentation and breakup of other nations.

Investors are currently awaiting a ruling from 11 Supreme Court judges that will decide if the Prime Minister needs the permission of the cabinet to trigger the process, driving ongoing market uncertainty surrounding a ‘hard’ or ‘soft’ Brexit. The High Court ruled in November 2016 that the PM must put the Brexit deal to a parliamentary vote.

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