- the government announced that the decision would not adversely impact its timeline for triggering Article 50 before the end of March, and that it would introduce Article 50 legislation "within days."  The result was little if any reaction from various asset classes, with the pound largely unchanged after some initial volatility.

So what happens next? Here, courtesy of Danske Bank's Mikael Olai Milhoj, is a quick recap of next steps in the Brexit saga;

Government to introduce Article 50 legislation 'within days'

As expected, the Supreme Court ruled that the parliament and not the government has the power to invoke Article 50, which formally starts the exit negotiations with the EU. Thus the Supreme Court upheld the High Court's decision in November. Market reaction was limited.

Based on stories in UK media, most cabinet ministers expected to lose the appeal case. In PM Theresa May's Brexit speech, it also seemed that she had already accepted that the parliament needs to be involved in the negotiation process, as she mentioned the final deal will be put to a vote in both Houses of Parliament. For more details on PM May's Brexit speech where she outlined her 12 Brexit principles please see Brexit Monitor #21, 17 January.

However, it was a victory for the government that it does not need to consult the assemblies in Northern Ireland, Scotland and Wales before triggering Article 50.