Today marks the beginning of a Supreme Court hearing, expected to last just 4 days, which will determine whether the Government needs Parliament’s consent prior to triggering Article 50. The High Court ruling on November 3rd previously ruled that the Prime Minister must seek approval prior to beginning official negotiations and start the two year clock ticking.
The UK voted to leave the EU, by a margin of 51.9% to 48.1% in June this year and uncertainty as to when, and indeed how, the UK exits the EU has driven market sentiment since. With surprise results in both the EU referendum and the US election, markets have demonstrated considerable volatility during the second half of the year and continued uncertainty is unlikely to help provide any stability.
Irrespective of their original stance, business leaders are pushing for a definitive decision on the process and timetable for triggering Article 50. Further delays are only likely to make future planning more difficult and provide further market instability.
Two hundred business leaders, including both Leavers and Remainers, have already clubbed together to urge the Prime Minister to stick to her Article 50 timetable and are due to deliver a letter saying as much today