Fundamental Analysis

British government faces legal challenge over Brexit trigger

A balloon floats towards the Big Ben clock tower in Parliament Square during a ‘March for Europe’ demonstration against Britain’s decision to leave the European Union, in central London, Britain, July 2, 2016. REUTERS/Kevin Coombs

Law firm Mishcon de Reya said it had started legal action to demand the British government win legislative approval from Parliament before triggering a formal divorce from the European Union.

Mishcon de Reya, a London-based law firm, said Britain would need an Act of Parliament – which would require approval votes by lawmakers in both houses of Parliament – before it invoked Article 50 of the Lisbon Treaty, the trigger for formal negotiations on exiting the bloc Britain joined in 1973.

The law firm said in a statement on Sunday it was acting on behalf of a group of clients but did not identify them. The BBC said the clients were a group of business people and academics.

Mishcon de Reya disputed the government’s suggestion that following the 52-48 British referendum in favour of leaving the EU on June 23, it has sufficient legal authority to trigger Article 50 without recourse to parliament.

“The outcome of the Referendum itself is not legally binding and for the current or future Prime Minister to invoke Article 50 without the approval of Parliament is unlawful,” Kasra Nouroozi, a partner Mishcon de Reya, said in the statement.

It has been in correspondence with government lawyers since June 27 to seek assurances for its clients that the government will respect the sovereignty of British parliament.

Conservative Prime Minister David Cameron has said he will resign and that it will be up to his successor to decide when to trigger Article 50.

Theresa May, who is currently ahead in the Conservative Party’s leadership race, said that the will of the people had been clearly expressed and that “Brexit means Brexit”.

 

Source: Reuters

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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