Daily Business Report

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Pound Surges After UK Government Loses Article 50 Lawsuit; Brexit Needs Parliamentary Approval High Court Rules Posted: 03 Nov 2016 06:08 AM PDT The decision means that the U.K. must hold a vote in Parliament before starting the two-year countdown to Brexit, a panel of London judges decided, setting up a constitutional confrontation at the country's Supreme Court.  London judges deliver a decision that could be a setback for Prime Minister Theresa May's plan to unilaterally start the process by the end of March by invoking Article 50 of the Lisbon Treaty. U.K. Trade Secretary Liam Fox said "the government is disappointed by the court's judgement." adding that "The country voted to leave the European Union in a referendum established by an act of Parliament." Speaking to lawmakers in the House of Commons in London, Fox also said that "It's right we consider it carefully before deciding how to proceed." The UK Government seeks to appeal the ruling on December 7 at the Supreme Court. Absent an overturn on appeal, lawmakers could now influence Theresa May's approach to Brexit and if a majority is opposed it could theoretically delay or even stop the process. Mrs. May's ruling Conservative Party is the largest party in Parliament, with a majority of 15 seats. More details from Sky News, which explains that according to the ruling, Theresa May cannot trigger Brexit without putting it to an MPs' vote in the House of Commons, the High Court has ruled. Read the entire article

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