Pound rises after shock Brexit High Court defeat for Government
3rd Nov 2016 / By Alistair Driver
Sterling has risen sharply following the Government's surprise defeat in a High Court ruling that could result in a delay in triggering Article 50.
The pound climbed 1.3 per cent against the euro to €1.1232 and 1 per cent against the dollar to $1.2421 in the wake of the decision.
The High Court ruled today that Parliament must have a vote on the UK triggering Article 50 and formally beginning two years of negotiations that will set out the terms of our departure from the EU.
Prime Minister Theresa May, who had insisted Parliament's permission was not required, had committed to triggering Article 50 by the end of March 2017.
The prime minister's official spokesman said the Government had no intention of letting the judgement 'derail Article 50 or the timetable we have set out'.
But BBC assistant political editor Norman Smith said, if the court's decision was not overturned, there could be delays with potentially 'months and months' of parliamentary hurdles.
The decision could also have implications on the terms of Brexit as MPs on the Remain side could argue Article 50 can only be triggered when they are happy with the terms of any future deal.
The dramatic post-Brexit fall in the value of sterling has been a big factor, alongside tight production and strong Chinese demand, in the rise of the UK pig price in recent months.
The EU-spec SPP rose for the 20th consecutive time in the week ended October 29, up 1.2p to 147.11p/kg.
This was 20p higher than the same point last year and is comparable to levels last seen in early November 2014.