Here is a round-up of the top Brexit-related stories this week.
European Union Bill Published
Following the Supreme Court’s ruling that Parliament must vote on the process to trigger Article 50, the European Union (Notification of Withdrawal) Bill has been introduced to the House of Commons.
The Bill will give Theresa May the authority to formally trigger Article 50 prior to the deadline on 31 March 2017.
This comes ahead of the Great Repeal Bill which aims to transfer EU law into UK law to ensure the process of leaving the EU goes as smoothly as possible.
May cannot initiate exit negotiations to leave the EU until Parliament gives its full backing.
Scotland, Wales and Northern Ireland however do not need a say on the process.
David Davis, secretary of state for exiting the EU, said:
“The British people have made the decision to leave the EU and this government is determined to get on with the job of delivering it.”
GDP Growth Increased in Q4 2016
GDP growth increased by 0.6% during the last quarter of 2016, according to the Office for National Statistics.
This was the same rate of growth as in Q2 and Q3 with consumer spending a strong contributor.
Ian Forrest, investment research analyst at The Share Centre, said:
“It is widely expected that GDP growth will moderate slightly in the UK this year, but any forecasts should be taken with a large pinch of salt given all the uncertainties around at the moment.”
Ian Kernohan, economist at Royal London Asset Management, said:
“Looking ahead to 2017, the major question is whether a squeeze on real household incomes, and the impact of Brexit uncertainty on the corporate sector, will be offset by the benefits of cheaper sterling against a stronger backdrop of global economic growth.”
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