Brexit High Court ruling: Value of pound rises after for first time since August

Value of the pound rises after High Court ruling for the first time since August

Pound rises after ruling (Credit: Twitter @NateLanxon)

Thursday, November 3, 2016

Following today's ruling at the High Court, the value of the pound has risen against the dollar for the first time in three months.

The High Court ruled that Theresa May's government can't trigger Article 50 without Parliamentary approval, in a move which could pose a serious setback to the original plan to begin exit negotiations with the European Union at the end of March 2017. 

Sterling rose by 1% against the dollar, trading above $1.24 in the immediate aftermath of the announcement.

The Brexit vote in June set the currency plunging more than 10%, from $1.50 to $1.33, and its fall has continued uninterrupted for the last three months following a brief rally in August.

The Government has announced it will appeal the High Court decision. 

Read more about the High Court ruling via the following links: 

Angela Merkel urged to step in and 'block Brexit' after High Court Article 50 verdict

Boris Johnson trolled on Twitter for saying Britain will make a 'Titanic success of Brexit'

Brexit High Court verdict: 'No-one told us MPs had right to veto Article 50'

Article 50 High Court verdict: Arron Banks and Nigel Farage blast verdict - while Boris Johnson says nothing

Brexit Article 50 verdict: Government challenge to be heard in early December

Government loses Brexit court case as judge rules MPs must be consulted on Article 50

High Court Article 50 verdict: MPs don't really want a vote on Brexit, says John Redwood

Brexit Article 50 verdict: Government's appeal will fail, says Leave campaigner Brendan Chilton