Akin Gump London partner Davina Garrod (pictured), who focuses on trade and financial regulatory issues, comments on the High Court ruling that the UK Government may not invoke Article 50 without parliamentary approval…
An impressive bench of judges, including the Lord Chief Justice and Master of the Rolls, upheld the fundamental principle of Parliamentary Sovereignty today. A successful appeal in December looks unlikely given the seniority, expertise and experience of the first instance judges.
The EU has afforded numerous benefits for the UK – not least for the financial and legal services communities whose revenues run into hundreds of billions. Given increasingly global supply chains, companies in the “real economy” would face higher costs on any BREXIT, with companies in pharma, tech and other innovative industries also potentially losing out materially.
The Government will be working hard to maximise the chances of a Parliamentary BREXIT vote over the next few months. It is imperative for financial markets and industry alike that the UK’s fate is known as soon as possible