Supreme Court's Brexit Ruling And Its Effects On Pound Sterling – Research Snipers

Supreme Court’s Brexit Ruling And Its Effects On Pound Sterling

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On Tuesday 24th Of Jan, UK Supreme Court has ruled a decision which forces government to get parliamentary vote before starting Brexit officially. Theresa May UK’s Prime minister and other Government Officials were trying to delay the process of Brexit or even revoke this, they made appeal to the Supreme Court in order to review the case but Supreme Court outrightly rejected the cause and ordered government to vote in the parliament to start the formal process of Brexit in March, 2017.

Will Of The People

Supreme Court respected the will of the British People and their Vote for exit. The Court Said, “We Have To Respect The Majority Decision Rather Than Using Power To Turn The Decisions Down”

People in the favor of remaining in the EU Lisbon treaty also argued that Prime Minister has the power known as “Royal Prerogative” to revoke article 50 of the EU’s Treaty of Lisbon. But Supreme Court counter argued and said Referendum carries the bigger political significance.

Now May Theresa do not have to take votes from Northern Ireland, Scotland and Wales in order to trigger Brexit, which makes it easier for the government to follow.

Effects On Pound Sterling

Pound Sterling GBP started rising back from 1.2038 against USD to the current 1.26 the record high in this month. But previously in September GBP had 1.3424 high USD. Initially after the Supreme Court ruling GBP rose by 50 cents, Currently GBP is still gaining against USD.

The News had little effect on Sterling as number of analysts portrayed that Pound Sterling will start recovering back from the effects of Brexit in 2017.

On contrary, some experts also speculate to see sterling in a dormant condition throughout the 2017, they believe that sterling will see further drop after the formal proceeding of Brexit.

But The Truth Is; Only The Time Will Tell The Real Story……