UK Pumps The Breaks On Brexit

Castle 2016

UK court says "not so fast, mate"

The Short of It:

Yesterday, a UK court ruled that the British exit from the EU will need a thumbs up from Parliament first.

The Longer Version of It:

After putting whether or not to stay in the EU to a vote earlier this year, the UK voted to leave the European Union in a referendum this past June. The battle over whether or not to stay in the UK was fueled by two opposing sides: The Leave Campaign and The Remain Campaign. Throughout the debate, the Leave Campaign has maintained that leaving would give UKers freedom from EU policies – and give them access to money that would usually go into the EU budget. For the Remainers, staying in the EU meant having a leg up on job opportunities and trade talks. Ultimately the UK went with Brexit and talks on the split have been underway since.

Yesterday, the High Court (aka: one of the top UK courts) ruled that Parliament would have to give their support for the Brexit before it can happen. The UK's current prime minister Theresa May has not been able to see eye-to-eye with Parliament on key Brexit issues that need to be sorted out before the UK leaves. I.e. immigration and access to the EU's market. It's a ruling that probably won't put a stop to Brexit, but it could slow the process down by quite a bit.

The Takeaway:

The UK is the first member of the EU to leave. Cue UK government saying "no one gave me a handbook for this" and all of the global markets holding their breath on the decisions that follow.