Court Delivers Blow To U.K. Government's Brexit Plan: Reports

By Markets MarketWatch Pulse

A U.K. high court ruled on Thursday that Prime Minister Theresa May can't trigger Article 50 that starts the Brexit process without a vote in parliament, according to media reports. The case was brought by businesswoman Gina Miller and hairdresser Deir dos Santos, who claimed the prime minister was wrong in refusing members of parliament a vote on whether to trigger Article 50. In response, May had argued the public had already delivered its verdict by voting for an EU exit in the referendum in June and there was no need for a second vote in parliament. May is expected to appeal Thursday's decision. The pound spiked after the verdict, trading as high as $1.2449, compared with $1.2302 late Wednesday in New York. Sterling has since pared back to $1.2382. Banks also rose, with shares of Royal Bank of Scotland Group PLC up 3% and Barclays PLC 1.8% higher.

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