Judicial review21 Aug 2023 18:23
The market ain't jumping for joy today on news of the judicial review. Think it should go our way, not least because the law has changed anyway on the main focus of the challenge ie. the duty to consult the executive. And because one of the organising principles of a JR is that public bodies must be allowed to make decisions for the public good. And because really this was a decision about energy not the environment. The fact that the decision was given to the Dept for Agriculture, Rural Affairs and the Environment suggests that the duty to consult other affected parts of the executive has been clearly allowed for. Posts decided that the environmental impact was minimal. Energy security is most certainly a public good and doubly so given current circumstances with the Russian invasion of Ukraine and consequences for our cost of living. I actually think a Labour government under Starmer might have taken the same decision.
It's complicated though because the judge described the decision as complex and significant. The duty to consult refers to issues of significant cross cutting impact. But that duty is at the very least watered down by the new law. I am waiting till next week to buy some more though. If the decision goes vs the mms will have a field day imo for about a day. Then a fast recovery imo. So much good news coming in September. If it goes our way I expect the start of a good re-rate immediately.