2016.11.0410:05:00UTC+00U.k. Court Ruling Could Make the Prospect of a “hard” Brexit Less Likely

U.K. High Court on Thursday ruled that the process to extricate Britain from the European Union required parliamentary approval. The decision could deter Prime Minister Theresa May’s self-imposed tight schedule for negotiating Britain’s exit.

The Government is set to contest the ruling in the Supreme Court, which has set aside Dec. 5-8 to hear the case. And further the bill would have to go through the House of Lords. If upheld, the ruling will give the parliament a say in what the U.K.’s future relations with the EU will look like, making the prospect of a “hard” Brexit less likely.

The prime minister's spokeswoman said she would be calling President of the EU Commission Jean-Claude Juncker to say she intended to stick to her March 2017 deadline for triggering Article 50. MPs have suggested that May could be forced to call a snap general election next year to ensure she has enough supportive MPs to get her Brexit plan through the House of Commons.

The Pound surged on the news of the court’s verdict as markets feel a “soft” Brexit would improve the outlook for the economy in the long term.