The court stated it was wrong for the Prime Minister to prevent MPs from carrying out duties in the run-up to the 31 October Brexit deadline. When delivering the court’s conclusions, Supreme Court President Lady Hale noted: “The decision to advise Her Majesty to prorogue parliament was unlawful because it had the effect of frustrating or preventing the ability of parliament to carry out its constitutional functions without reasonable justification.”
Meanwhile, Commons Speaker John Bercow has called for parliament to “convene without delay” and he would consult party leaders “as a matter of urgency”.
Mr Bercow then called for parliament to return from the suspension on Wednesday at 11:30am but there will not be any Prime Minister’s Questions.
He noted that there would be opportunities for lawmakers to hold Boris Johnson’s government to account over the Supreme Court case.
However, this ruling creates further uncertainty, and deputy chief investment officer at Brooks Macdonald Asset Management, Edward Park said:
“This latest twist in the Brexit narrative likely delays the decision point for Brexit, but does not make it any clearer whether the UK will leave with a deal, without a deal or not at all.”
Meanwhile, US consumer confidence slumped further than expected in September as American’s expectations deteriorated.
The Conference Board’s index fell to a three month low of 125.1 as trade war concerns and weaker economic data battered American sentiment.
Commenting on the data, senior director of economic indicators at the Conference Board, Lynn Franco said: “The escalation in trade a tariff tension in late August appears to have rattled consumers.
“However, this pattern of uncertainty and volatility has persisted for much of the year and it appears confidence is plateauing. While confidence could continue hovering around current levels for months to come, at some point this continued uncertainty will begin to diminish consumers’ confidence in the expansion.”
Looking ahead, the dollar could edge up on Wednesday following the release of August’s new home sales data.
If home sales rise higher than expected, rebounding from July’s disappointing slump, it could lend USD support.
Published at Tue, 24 Sep 2019 15:24:00 +0000