British Pound Exchange Rate Rise on Court Ruling

The British pound exchange rate rose yesterday after the UK Supreme Court rules that British Prime Minister Boris Johnson acted unlawfully when he suspended the Parliament.

The pound gained as high as 0.5% on the day. It traded around $1.2491 after the ruling. FTSE stocks tumbled due to the stronger pound.

Against the euro, the royal currency gained 0.3% on the day to 88.06 pence.

Bonds from the British government slipped to session lows, trading around 133.12. That’s 60 ticks lower on the day.

According to economists, the ruling was a win for those who wanted to remain in the EU. It also made it more difficult for the government to aim for a n-deal Brexit before the deadline.

The UK Supreme Court’s Ruling and BPM’s Reaction

British Prime Minister Boris Johnson has reacted to the UK Supreme Court’s ruling.

Johnson said that he “strongly disagrees” with the court, adding that he didn’t think it was the right decision.

Meanwhile, speaker John Bercow said that the House of Commons will reconvene today. Opposition parties have called for Boris Johnson to resign because of the unlawfulness of his actions.

Bercow said that there would be no prime minister’s question when the MPs come back. They would instead focus on more urgent questions, emergency debate applications, and ministerial statements.

SNP leader and first minister of Scotland Nicola Sturgeon said the BPM should resign. He has also called for a no-confidence vote in Johnson’s leadership if he doesn’t want to resign.

Liberal Democrat leader Jo Swinson said that the ruling just confirmed Johnson wasn’t “fit to be prime minister.” The Brexit party leader Nigel Farage also condemned the BPM. He called for Johnson to fire his most senior aide Dominic Cummings.