Some Brexit news that’s flown under the radar today but it could have a big impact moving forward
I was just heading off until I spotted this news. One for the road, as they say.
Back in November, a group of Scottish MP’s put forward a challenge to whether Article 50 could be revoked without the approval of the remaining EU members. Currently it possible to cancel Article 50 with their consent but this group wants the ECJ to decide if that is in fact the legal case. While this story has been floating around for a while, today the MP’s received news from the Scottish Civil court that they could refer the case to the ECJ for judgement, meaning we could have another big court case to watch.
This news is potentially GBP positive because it effectively gives the UK a get out (or rather a stay in) option should they not get the final Brexit deal they wish. We could also face having a snap referendum on the deal that people could use as a vote to remain in Europe. The group will now petition the UK government who has 21 days to respond.
This is something that the market is going to be watching carefully and it’s yet another Brexit risk event we have to deal with. It’s one to put on a post-it note for when markets resume trading in full in the New Year.