NEW YORK (TheStreet) -- A panel of judges in London decided that the U.K. must hold a vote in Parliament before it can begin the process of pulling the nation out of the European Union. Britain voted to the leave the EU on June 23 and must invoke Article 50 of the Lisbon Treaty to begin the two year process of exiting the EU.
The decision sets back Prime Minister Theresa May's plan to begin the process and invoke Article 50 by the end of March, Bloomberg reports.
Bloomberg News' Patrick Gower appeared on this morning's "Bloomberg Markets: Americas" from outside of the high court in London. BloombergTV's Mark Barton questioned Gower on how the judges came to this decision.
"Well they actually relied on a 300-year-old law that dates back to the Glorious Revolution in the 1600s," Gower said. "To be honest if a law stood that long then it's going to be difficult to overturn."
The law basically states that you cannot take rights or laws away from the people of the country without first asking Parliament.
The next step is on to the Supreme Court which has a four-day period in December to hear the case.
"Normally a judgement would take about 12 weeks," Gower continued. "But the legal teams tell me [that] because this is so important we can expect a decision by mid-January."
BloombergTV's Vonnie Quinn joined in and questioned Gower on if this decision gives a voice back to those opposing Brexit.
"Well it's hard to say what's going to happen next," Gower responded. "You've got to look really, if this does go to Parliament now the picture has changed in the last few weeks. The economy is doing a lot better than we expected. So for lawmakers to get in the way of the will of the people would take some big change in the economy, I think, to make that viable."