LONDON - The sterling firmed on Tuesday after the British Supreme Court ruled that Prime Minister Boris Johnson's decision to suspend Parliament for five weeks was unlawful.
"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," said Mr Edward Park, deputy chief investment officer at Brooks Macdonald Asset Management.The court said that because the decision to suspend, or prorogue, parliament was illegal"immediate steps" for Parliament to resume should be taken"as soon as possible".
The court's decision also reduces Mr Johnson's ability to suspend parliament again, providing parliament with more leeway to prevent a no-deal, Mr Dales added. UBS Wealth Management told clients that the ruling only reinforced belief that a no-deal Brexit on Oct 31 was unlikely, meaning"we still see upside for the pound and are overweight it versus the US dollar in our FX strategy".
He said the aim of the suspension - from Sept 10 until Oct 14 - was to allow his Conservative government to bring in a new legislative agenda, and that few working days would be lost.
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