By Kevin Livingston
The backers of Brexit – the United Kingdom’s vote to exit the European Union – said it could never happen.
But to the dismay of Prime Minister Theresa May, it happened today.
Yes, The High Court said Thursday that Parliament would have to give its approval before any negotiation on a UK exit could begin. May had hoped to begin negotiations by March.
The somewhat shocking ruling could throw the whole process into disarray or at least stall it. Britain has two years to negotiate an exit although it can ask for an extension.
Although it is not likely that Parliament will say no to an exit, it could seriously weaken May’s negotiating power. Only 52 percent of British voters cast a “yes” ballot in June, which did not give May much to stand on to begin with. Concessions were already going to be necessary.
Many members of Parliament were against leaving and May’s Conservative Party holds a very small lead – 369 out of 650 members. And many of those Conservatives are not for an exit.
The Supreme Court, Britain’s highest appellate body, is expected to hear an appeal in December.
Still, the court’s decision comes at a time when many British banks are already packing for Paris and other locations on the continent, particularly smaller financial institutions. The pound rose on the news.
If this is just a speed bump in the road it is a mighty big one.
