UK: Supreme Court ruled unanimously against the government – TD Securities

Analysts at TD Securities note that in the UK, the Supreme Court has ruled unanimously against the government today, saying that its prorogation of Parliament was unlawful.

Key Quotes

“Legally, Parliament is now no longer prorogued (in fact, it now never even occurred), and John Bercow and the Lords Speaker must decide next steps, recalling MPs as soon as they'd like to. Without a Queen's Speech and its debate, MPs will have up to two weeks of "new" time on their hands.”

“What does change immediately, though, is that Parliamentary committees can resume, and can call MPs (and the PM) before them to ask questions. In terms of Brexit implications, we see relatively few from today's decision. MPs have already passed the Benn Bill requiring Boris Johnson to seek an extension if no deal has been reached by mid-October, and we maintain that view as our base case.”