Sterling drops sharply as Northern Ireland High Court dismisses legal challenge to Brexit process
Sterling dropped sharply this morning on news that the High Court in Northern Ireland has ruled that the region will not be able to veto Brexit on behalf of the UK.
The pound fell by around 0.13 per cent against the dollar and by more than 0.2 per cent against the euro on the news.
Mr Justice Maguire at the High Court in Belfast dismissed two judicial review challenges to the way the government intends to invoke Article 50.
A number of parties had mounted a challenge to the triggering of Article 50, seeking a ruling that a Northern Ireland Assembly vote should be required in order to begin Brexit proceedings.
However, today the court held against the claim that in Northern Irish law the Royal Prerogative cannot be used to kick off Article 50.
If the right to trigger Article 50 is found to be one of Royal Prerogative it means there is no legal requirement to involve parliament in the decision to trigger Brexit proceedings.
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