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Pound rallies as Gina Miller wins Brexit legal challenge

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SCM Investments founder Gina Miller has won a Brexit legal challenge that paves the way for MPs to vote on triggering Article 50.

The court judgement says the Government’s argument is contrary to the “fundamental constitutional principles of the sovereignty of Parliament”.

The Government has already confirmed it will appeal.

If it loses, the triggering of Article 50, scheduled for Q1 2017, could be delayed.

The pound surged 1 per cent to $1.24 against the dollar immediately following the decision, then pared back slight.

The domestically sensitive FTSE 250 has also made slight gains.

In a statement read out following the decision, Miller said the legal challenge was about “process, not politics”.

She urged the Government not to appeal and instead have a “proper debate” on the UK’s exit from the European Union in parliament.

However, the Supreme Court was already on standby to give an expedited hearing next month on the expectation that regardless of today’s outcome an appeal was likely to be lodged.

The appeal date is expected to be between December 5-8.

Speaking to the House of Commons, Minister for International Trade Liam Fox said he is “disappointed” by the court’s decision.

Miller has been represented by law firm Mishcon de Reya.

FX & macro strategist at ETF Securities Martin Arnold says the judgement is likely to give “fresh impetus” to the pound.

“Optimism from investors is stemming from the fact that the UK Parliament  will attempt to steer the UK further away from the ‘hard Brexit’ stance of the Conservative government, which will be less damaging for the UK economy.

However, he warns volatility is likely to remain due to the government appeal. 

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. I have never been a great admirer of Gina Miller – an inveterate publicity seeker. But on this occasion I really must congratulate her. I would regard this as her crowning achievement and worthy of the Woman of the Year Award.

    The next few months look to be interesting. The opposition parties now have a real opportunity to step up to the plate.

  2. I take it Harry you were a remainer?

    What opposition parties are you talking about?

    Havent you realised the main reason of the outcome of the referendum was that the majority of people (cross parties) voted to exit!! Hence the seismic repercussions within the establishment.

  3. If there is a parliamentary debate and the government loses, it will cause chaos. As was pointed out on a recent BBC Question Time, MPs work for the people and the people have decided to leave the EU. MPs should not go against the will of the people no matter what their own opinion is. For the record, I voted to remain. I may not agree with Brexit, but this is a democratic country where we are proud of our democracy. For the people to vote for Brexit than for Parliament to overturn that could lead to riots on the streets.

    • In which case MPs from London, Manchester, Liverpool and Scotland (amongst others) will be voting against the Government. Indeed others may well vote according to their concience (in either direction) irrespective of their constituency views.

  4. Process is important.

    A proper debate, by properly informed people, with real information and not lies and propaganda with representatives across the nation not mired in racial hate and uninformed backward thinking is welcome to me.

    I’m a remainer if you hadn’t guessed, mainly because I’ve never had an argument that wasn’t racist in basis or just plain ill informed.

  5. Process is important you are correct. The process was that the PM of the day said we would have a referendum, the parliament of the day agreed that it should be put to the people. It was then duly put to the people and their reply was that they wished to leave. That is democracy.

    To suggest that there should be “A proper debate, by properly informed people with real information” insults the intelligence of the majority of the UK populace and vastly overstates the intelligence of the average MP. Both sides were guilty of overstating their case and lies or mistaken judgements and silly statements were made by Remainers and Bexiteers in pursuit of the vote they wished to see. The vote has passed for good or ill and all of this challenge or direction for a debate in Parliament won’t actually help the UK deal with the fall out. It is not possible to keep having referendums such as is the case in the EU till the “right” answer is given (from either side’s perspective) at which point voting closes.

    Personally I cannot see what higher court of opinion you could use other than the People in a straight vote in a Democratic Country, surely in this case the result is the result.

  6. I’m not normally one to post on here but, by golly Paul Howorth, you’ve raised my hackles! You stated that wanting proper oversight of the process “… insults the intelligence of the majority of the UK populace “. Really? Well we were insulted with a complete lack of facts on exiting the EU prior to referendum, which has left us in the sorry mess we are in now. We weren’t given a choice of how we exit or what the world looks like afterwards, just ‘in’ or ‘out’ and that is why there needs to be oversight now.

    It’s simply not down to Teresa May and her cohort of rampant euro-sceptics to decide amongst themselves what the UK’s relationships with the rest of Europe (…our biggest trading partners) look like. I don’t believe it was in the Conservatives Party’s manifesto during the last election? So I didn’t get a vote then? Parliament is sovereign on this one, and the High Court says so. I don’t see anybody disputing the result of the referendum, so calm down Paul. We are leaving, the nations “wish” (52% vs 48% of an uninformed electorate that could be bothered to vote – very convincing!) will be fulfilled. I’m more interested in how we do it, and what’s left afterwards. And I’m not sure I trust the people who will be representing me presently, so if somebody is keeping them honest, however much longer it takes, then that is proper democracy!

    • Very well said. We Remainers have been villified and shouted down. But from what I have seen we provided the real statistics.Yes, ythere was also nonsesense spouted on our side too but unlike the other camp we did have logic and figures as well. Nor dis we have some of the rather unprepossesing fellow travelers that Brexit attracted. It is all so redolent of the Weimar Republic and the Brown Shirts.

  7. I didn’t say there should be no consideration of the best way forward and have no issue with informed debate over our position (which is not as benign as those who have seen little change so far would have us think, the iceberg moves slowly but is dangerous none the less) but I doubt very much that parliament is the right forum for this with the party political and point scoring nature of this forum. Ultimately the main decision (which it would be difficult for parliament, which represents the people, to overturn) for good or ill has been made. My comment on the previous sentence used was more that to say all who voted out were poorly informed (and by inference all who voted in were well informed) is simply untrue. Both sides had their fair share of those who made themselves informed or couldn’t be bothered. Having an opinion doesn’t make it right on either side.

  8. My respect to Gina Millar for putting her hand in her pocket and her head above the parapet. As a Brexiter I am appalled at the internet abuse (all too prevalent nowadays) she has received but also a little amused at the positions people on both sides of this issue have taken, their naked self-interest clearly evident. I totally agree that both referendum campaigns were disgracefully run and, to be fair, I was only 75% sure going into the booth on June 23rd but events since have confirmed to me that I am now 100%. I also take offence at being painted old, stupid and racist for doing so – only one of those apply! But if Remainers believed that this was a vote between leaving or maintaining the status quo then they were sadly mistaken, as a Remain vote would have been the signal to intensify the pace and pressure to irrevocably merge on the same basis as the other Eurozone members. Before the vote, for example, it is my understanding that David Cameron had signed a guarantee that the UK would not use its veto to prevent ‘the deepening of the integration’ with the EU which, when taken with the sovereignty of the EU courts over the UK would have dragged us even more into this organisation whose need for reform is inversely correlated with its desire to change. That is why I voted ‘out’ and I am sure many did the same and, as for immigration (and I say this as an small employer who has just taken on a very promising individual from Poland) we are seeing mass migrations all round the world, in the Americas, the Far East and Europe & the Middle East of course; it is the pace of these movements and the sense of a lack of any ability to control and plan for them that causes the anxiety. To me that isn’t racist although I do accept that there was that motivation amongst some – the self interest coin again perhaps – but is it heads or just not tails ?!

  9. CDL

    I have no particular self interest. I honestly believe I will be worse off under Brexit and I have a dream of a United Europe. Foolishly for many I just regard Europe as the centre of the universe and wish to see it prosper and further spread its influence. Heaven is where the police are British, the lovers French, the mechanics German, the chefs Italian, and it is all organized by the Swiss.

    Unfortunately at the moment it somtimes seems that the police are German, the lovers Swiss, the mechanics French, the chefs British, and it is all organized by the Italians.

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