For those of you who don’t know, the High court of London suspended the so-called Brexit procedure a couple of days ago. To be more specific, the UK government cannot go on with the Brexit and initiate the procedure without the British Parliament’s consent.
This means that before the local government makes any further steps aimed at implementing the decision made on June 23rd as the result of the Brexit referendum, they will have to wait until the parliament discusses it and votes for it.
It is interesting to note that the government cannot initiate the process whenever they want since article 50 of the Lisbon Treaty reads that a country wanting to quit the EU should apply according to the constitutional demands. Still, Great Britain still doesn’t have any full-fledged documented constitution. Since the United Kingdom is a constitutional monarchy with a parliamentary system, such decisions should be approved by the parliament before they take effect.
The judge who announced the decision also underlined that the Brexit would lead to legislative changes in the UK. The thing is that when joining the EU in 1973, the United Kingdom incorporated a certain share of EU rights and freedoms into the British law. Since the Brexit is an irreversible process, a part of the British legislation will be gone as well. That’s why the British Parliament as the UK’s senior legislative body should decide on the matter.
Still, Theresa May disagrees with this standpoint. She says that the government doesn’t need the parliament’s consent since the British people already voted for the Brexit, which means the decision doesn’t have to be approved by the legislators.
Masterforex-V Academy reports that after the court’s decision was announced, the British Pound got stronger against the U.S. Dollar and other majors. To be more specific, GBPUSD advanced by 1,17% all the way up to 1,2448.
