Brexit: Court says Parliament suspension unlawful

The UK Supreme court said today that the UK Parliament suspension for five weeks was unlawful. The decision was not easy one, while the court decided to increase the number of judges from nine to 11 on last Friday in the emergency hearing.

One of the difficulties were to decide how the different laws between English, Scottish and Northern Ireland should be taken into account in this case.

This decision has increased the demand of MPs to recall the parliament immediately.

Business Finance

Brexit: MPs vote to block no-deal

The UK Parliament has today voted to block the no-deal Brexit scenario. According to this bill, the Prime Minister will have to seek Brexit delay if no new agreement has been made by the 19th October. The bill was voted by numbers 327 to 299. This result has been a defeat for the new PM Boris Johnson, which has been against the delay of the exit time.

The Parliament also voted down the PM´s attempt for snap general elections, which would have needed two thirds of MPs to win the case.

On Wednesday the Treasury Committee published the letter of the Bank of England Governor Mark  Carney regarding the new updated Brexit perceptions. The BoE says that in no-deal Brexit case the economic impact would not be so severe than the bank´s forecast in November. This is due to the situation that there has been preparations by companies and government for the new trade situation.

– UK banks are capitalised to withstand much more adverse combinations of domestic and global economic shocks and to keep serving the UK´s households and businesses. The UK banks have sufficient capital to continue lending through both worst-case, disorderly Brexit and a global trade war, Mr Carney wrote in the letter.

The stocks closed slightly up in London on Wednesday and the FTSE-index was up 0,59 % to 7311 points. The UK sterling was trading also up 0,02 % at 1,23 dollars.

 

 

Business Finance