Pound tumbles after court ruling on Brexit

Dubai: The Pound tumbled on Tuesday after the UK’s top court said parliamentary approval will be required to trigger Article 50 — the first formal step for the United Kingdom to leave the European Union.

The British pound fell 0.56 per cent to 1.2465 against the dollar, after falling as much as 1.2439. The pound was down 0.10 per cent before the ruling.

Last week, the pound gained more than 3 per cent on the day when the UK Prime minister laid out her Brexit plan.