The British High Court ruled that UK Prime Minister Theresa May will have to get Parliament’s approval before proceeding with Brexit negotiations. Marketplace host Kai Ryssdal spoke with Andrew Walker, the BBC’s Economic Correspondent, about this Brexit development.
Walker on it’s effects on foreign investors:
Theresa May, the Prime Minister, has said that her time table is to start the process of leaving formally, triggering what is called Article 50 by the end of March. And, I suppose it is conceivable that this ruling might lead to a delay in that. Having said that, all that the ruling means is that she’s got to have to go through Parliament before doing it. And the view is that that does involve a new piece of legislation, which is not straightforward. But I suppose it might be conceivable that that could be done quickly enough to enable her original time table to be implemented.
On whether Brexit still means leaving the EU:
Yes, but perhaps with more possibility, I think-at least this is what the markets seem to be suggesting – that we’ll end up with one of the rather softer versions that preserve slightly more of the barrier free access to the European Union market the British business currently enjoys.
On what the European Union might think about the ruling:
Some of them have expressed a desire for Britain to get on with it, having been sorry that the referendum went the way it did, but I think many of Britain’s partners think that it is clearly going to happen and they would rather it simply happen sooner rather than later, so that the rest of the European Union knows where it stands because there is a negotiation with an uncertain outcome that will be relevant to both sides.
Click the audio player above to hear the full interview.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
Give today and get our limited edition tote.