The Supreme court today ordered that Parliament is to be consulted before Article 50 is invoked so what does this actually mean? Britain will still be leaving the European Union, today’s decision will only effect when article 50 is triggered- MPs may now try to amend the draft legislation and hence there may be a delay.
We have voted out and therefore need to get on with it, how the involvement of the MPs is going to help that I have no idea. For me the downside occurs on the delay- all delay provides is further uncertainty.
Reports from the BBC this morning were that Sterling was smashed on the back of this, GBPUSD is now trading at exactly the same levels as it was yesterday... Markets quickly realised that actually nothing has changed, especially as most of the MPs are expected to vote in favour of Article 50 being triggered. Today’s decision was overhyped and uneventful. Get on with it.
For the UK to leave the EU it has to invoke an agreement called Article 50 of the Lisbon Treaty which gives the two sides two years to agree the terms of the split. Theresa May has said she intends to trigger this process by the end of March 2017