Theresa May recently announced that the government would trigger Article 50 of the Lisbon Treaty by March 2017. This week saw the High Court rule on whether the process could be triggered without a vote in Parliament.
Here is a round-up of the top Brexit-related stories this week.
Parliament Vote on Article 50
The High Court ruled that the government is not legally able to initiate the Article 50 process on its own.
The ruling is an important constitutional court case and could have wide-ranging effects on the government’s planned Brexit timetable.
Theresa May is set to tell the EU commission that the timetable for trigger Article 50 by March 2017 remains on track despite the court ruling.
Slow Export Following Referendum
Uncertainty following the result of the EU referendum has slowed down export orders in the service sector, according to British Chambers of Commerce (BCC).
The BCC’s quarterly trade outlook found that the volume of trade issued nationally fell by 4.14% in Q3, but remains 5.32% higher on the same quarter of 2015.
Adam Marshall, director general at BCC, said:
“The chancellor should use the Autumn Statement to improve direct financial support for firms looking to access new markets without bureaucracy or delay.”
Moody’s Warn of Credit Downgrade
The country’s credit rating could see a downgrade if the government fails to retain access to the single market, according to ratings agency Moody.
The agency suggests that a loss of access to the single market in Brexit negotiations may lead to lower growth and affect the country’s public finances.
Kathrin Muehbronner, senior vice president at Moody, said:
“A second trigger for a downgrade would be if we were to conclude that the credibility of the UK’s fiscal policy had been tarnished as a result of Brexit or other reasons.”