The U.K.’s Supreme Court on Tuesday delivers a ruling on whether Prime Minister Theresa May needs the approval of Parliament to trigger Brexit, in one of the most politically charged cases in decades. Here’s a quick look at what the decision could mean:
The ruling concludes a landmark case
Britain’s Supreme Court, its highest judicial body, will give a roughly six- or seven-minute decision, concluding a high-profile case on whether Mrs. May can use the “royal prerogative”–the executive authority given to ministers to govern on the monarch’s behalf–to launch divorce proceedings with the European Union, expected to start by the end of March. The plaintiffs, led by investment manager Gina Miller, argue that triggering Article 50 needs parliamentary approval, as leaving the EU would mean British citizens lose certain rights linked to Britain’s membership. In November, London’s High Court agreed, prompting a government appeal.
If the government loses...
The ruling concerns the legal process by which Britain plans to exit the EU–not the decision to leave itself. The court could require Mrs. May to get parliamentary approval, meaning she would likely introduce a bill that would have to go Parliament. What that bill would look like depends on the ruling and what it requires, potentially giving the lawmakers, who were largely in favor of Britain’s continued EU membership, a say on the U.K.’s negotiation strategy.
...but it is unlikely to stop Brexit .
Both major parties in Parliament say they respect the outcome of the June 23 referendum, when 52% of Britons voted to leave the EU. The opposition Labour Party has said it will not oppose triggering Article 50. Mrs. May says she intends to stick to her plan to trigger Article 50 by the end of March.
Investors are paying close attention
Mrs. May has also promised that she would grant lawmakers a vote on the final deal, a pledge that prompted a sharp rally in sterling after it plummeted on concerns about leaving the single market for goods and services. A final ruling giving parliamentarians a say on launching the negotiations is likely to be welcomed by markets.
Reference: The Wall Street Journal
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