Pound soars as court demands parliament vote on Brexit

The pound soared against the dollar and euro Thursday after the High Court in London ruled that parliament must approve the start of Britain’s withdrawal from the European Union.

Sterling — which has tumbled to multi-year low points against its main rivals since Britain voted June 23 for Brexit — surged above $1.24 .

In a busy day for the U.K., the Bank of England publishes its latest growth and inflation forecasts on the British economy at 1200 GMT, alongside an expected decision to leave its main interest rate at a record-low 0.25 percent.

Ahead of the decision, a closely-watched survey Thursday showed output in Britain’s key services sector rose last month despite costs rising at the fastest rate in more than five years.

Article source: