The pound edged slightly higher yesterday as the Supreme Court considered the lawfulness of the prorogation of Parliament. Lawyers challenging the suspension told the court that Boris Johnson saw MPs as an “obstacle” and wanted to “silence” them. The President of the Court, Lady Hale, opened the hearing by saying that she and her colleagues would consider the “serious and difficult” questions of the law,” but would not determine “wider political questions.”
Sterling is looking weaker this morning as the second day of the hearing resumes. The court is due to begin at 10:30am.
Meanwhile, a government source has reportedly said that the UK have put forward proposals to end the Brexit impasse, but refuse to leave the paperwork with Brussels for fear of “leaks”. Despite the EU saying that the UK has come up with no alternatives to the backstop, the source said that “we are showing them papers…the difference is that we are not leaving them with them.”
At 9:30 this morning, the UK Inflation Rate figure will be released. It is forecast to come in at 1.9%, a drop from last month’s reading of 2.1%.
