London Judges Rule Parliament Must Approve BREXIT; Pound Soars

Just when toy thought Great Britain was on its way to becoming great again, BAM, a panel of judges in Londonistan told the people who voted for BREXIT to fuck off. Now the Lords of the House must approve of the plebeian decision to exit the EU. As you readily know, the people shouldn’t be entrusted with such an important decision. It should be made by the very best people in England, those serving in parliament of course.

Brexit court ruling means Parliamentary vote must be held before #Article50 is triggered https://t.co/40dsWkxlI1 pic.twitter.com/7JD8s697nb

— Bloomberg Brexit (@Brexit) November 3, 2016

The pound is ripping higher by more than 1.4%.

The U.K. must hold a vote in Parliament before starting the two-year countdown to Brexit, a panel of London judges decided, likely setting up a constitutional confrontation at the country’s Supreme Court next month.

“If notice is given under Article 50, it will inevitably have the effect of changing domestic law,” Judge John Thomas said Thursday, delivering a decision that is 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.

“A ruling by the Supreme Court on Brexit looms large in December so the process is far from over,” said Valentin Marinov, the London-based head of Group-of-10 currency strategy at Credit Agricole SA’s corporate- and investment-banking unit. “That said, abating concerns about hard Brexit could help the pound to recover more ground in the near term.”

The London legal challenge, brought by Gina Miller, who runs an investment startup, and Deir Dos Santos, a hairdresser, sought a court ruling that it would be illegal for the government to invoke Article 50 without first consulting Parliament.

“We’ve been able to be part of this debate and bring some sobriety as we go forward,” Miller said outside court. “I hope that they make the wise decision of not appealing and pressing forward to debate in Parliament.”

Triggering Article 50 is “irrevocable,” Wright said during the case.

“It might mean that the prime minister has to show her hand a little more,” said Stephanie Flanders of JPMorgan Asset Management in an interview on Bloomberg Television. It’s likely to mean “a bit more transparency about the deal and a bit more of a debate domestically. I would not assume that the pound stays up from here or that we’re not leaving the EU.”

This all came to be thanks to a fucking hairdresser. The EUROSTOXX50 shot higher on this news and is now higher by 0.5%.