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Brexit

Brexit Appeal Date Announced

Published: Wednesday 09 November 2016

The date has been set for the UK government’s appeal against the High Court ruling on beginning Brexit has been confirmed as 5th December, where the appeal will be heard by the eleven justices of the Supreme Court. Following the granting of permission for the appeal by a panel of three Supreme justices, it “can now proceed to a full hearing.”
The appeal process is due to take four days and a decision will be made in 2017, although there is currently no commitment to or news on a date for that announcement, with justices due to give their answer “…probably in the New Year.”

UK Prime Minister, Theresa May, still maintains that she plans to invoke Article 50 and begin Brexit negotiations in March 2017, after the outcome of the UK’s EU Referendum coming out in favour of leaving the EU by 51.9 percent, as opposed to the 48.1 percent Remain vote.
As yet, there is no clarity on whether the MP vote would necessitate an Act of Parliament, or if agreement and a written motion from MPs would suffice.

Scotland has also announced that they intend to intervene with the UK government’s appeal. After Scotland voting 62 percent Remain and 38 percent Leave in the referendum in June, Scotland’s Lord Advocate, as the most senior legal representative for the country, is now applying to be heard by the justices on his argument that all parliaments and assemblies in the UK should give their consent, including the Scottish Parliament. All parties of the Scottish Parliament were behind remaining in the EU during the referendum process.

Nicola Sturgeon, as Scotland’s First Minister, has pushed for Scotland to be treated as an “equal partner” and said that it is not right for the UK’s EU rights to be removed by the UK Government without “parliamentary debate, scrutiny or consent.”

David Davis’s Department for Exiting the EU said that they were clear that the UK’s EU Referendum vote should be respected, but were “determined to deliver a deal that works for the whole of the UK.”
Any ruling that Scottish parliament must vote on Article 50 too could mean further delays to the Brexit process and therefore continued market uncertainty, as there would have to be a hearing in Edinburgh as well as London.

This ongoing uncertainty adds fuel to the fire for already volatile currency markets, which currently have all eyes focused on the US Election, so we continue to watch and wait to see what will happen next.
In the meantime, consider protecting any investments or funds if you are planning to exchange Sterling or US Dollars any time soon – we could be in for a bumpy ride on all fronts…

Article by Rachael Kinsella