The pound bounced back yesterday (18 September) for the first time since fears of a “hard Brexit” gripped the currency market two weeks ago.
The pound rallied after a UK government lawyer said parliament would have the final say on whether to accept Britain’s exit deal with the European Union.
Theresa May, prime minister, refused to allow members of parliament to vote on triggering Brexit.
At the High Court in London yesterday (18 October), James Eadie, a lawyer for the UK government, said the final deal with Brussels, which would be negotiated over two years after Brexit is triggered, was “very likely” to be subject to parliamentary approval.
The remarks sent the pound rallying 1 per cent to $1.23.
This was the biggest gain for Sterling since mid-August.
Sterling had fallen 6 per cent since the Conservative party conference two weeks ago.
emma.hughes@ft.com