Europe

Pound jumps as Supreme Court calls decision to prorogue parliament 'void'

The British pound spiked in value as Boris Johnson’s decision to suspend Parliament was ruled unlawful by the country’s highest court.

Today’s Supreme Court ruling that the Prime Minister’s advice to the Queen to prorogue was ‘void’ means MPs can be called back to the Commons as if it had always been sitting.

It makes the prospect of a no-deal Brexit less likely and has triggered calls for Johnson to resign over the ‘unlawful’ decision.

The moment Baroness Hale dealt Johnson a blow by announcing ‘Parliament has not been prorogued’, the pound shot up in value against the US dollar.

Between 10am and 10.35am the currency rose by 0.43 per cent to 1.2478 to a dollar.

But it quickly settled down to about a fifth, as Brexit still continues to loom with no clear sign of a new deal being reached with the European Union.

Johnson has insisted the UK must leave the European Union by October 31 and suggested he could ignore legislation blocking a no-deal Brexit before October 31.

It comes after the currency plummeted to its lowest level since January 2017 ahead of a showdown between Johnson and MPs who wanted to block a no-deal Breixt.

After the series of humiliating parliamentary defeats that followed, the pound began to recover again.

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