020 7898 0500Sterling has enjoyed a good week even though the Government lost in the Supreme Court and is being forced to progress an Act of Parliament before triggering Article 50.
Yesterday we had the first release of the fourth quarter GDP figure for 2016 which was being closely watched to see if there was any drop off in momentum as a result of Brexit. It beat expectations and GDP has now been in growth territory for 16 consecutive quarters. Sterling’s reaction was not what was expected and more a case “buy the rumour, sell the fact” as it fell away slightly against the US dollar.
Meanwhile, as expected, David Davis the Brexit Secretary published a bill to trigger Article 50. The bill itself contains just two clauses and is 137 words long. The leader of the British Parliament’s House of Commons told MPs they would have five days to debate the issue over the next two 10 working days. A second reading of the bill will be voted on Wednesday next week, with Parliament sitting until midnight on the Tuesday. The following week Monday to Wednesday will be set aside for a third reading, before then heading to the House of Lords. David Davis would not give any guarantee on the delivery or timing of the white paper on the exit process.
Today, much of the news in the UK will be centred on Prime Minister Theresa May’s meeting with President Trump and his team.
