The Pound value has jumped against the dollar this morning following a landmark High Court ruling on Brexit.
The UK High Court has blocked British Prime Minister Theresa May from triggering Article 50 of the EU’s Lisbon Treaty without putting it to a parliamentary vote.
Sterling jumped past $1.24 in the wake of the ruling, as investors grow less fearful of a ‘hard Brexit’.
The news could come as a relief to Donegal as a border county since the UK government has now been prevented from bypassing parliament and forcing an economically disruptive hard Brexit. Further delays are now expected in the process, giving more time for the Irish government to prepare for the major economic impact.
However, the government has been given leave to appeal the ruling in a Supreme Court sitting in December.
Article 50 is the formal step needed to start the process of leaving the European Union. Now Theresa May must have parliamentary approval to proceed, which could give rise to challenges and delays.
The Brexit referendum in June saw the UK public voting to leave the European Union at a close margin of 51.9% to 48.1%. The majority vote in Northern Ireland for Remain was 55.8%.
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