The Leader Magazine

SEP 2016

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SEPTEMBER 2016 31 Editor's note: Don't miss the CoreNet Global Summits (in Amsterdam, on 14-16 September, and Philadelphia, on 16-19 October) where a panel of experts will discuss and debate the potential impacts of Brexit on corporate real estate. Visit www.corenetglobal.org for more information and to register. The European Union (EU) is an economic and political partnership among 28 European countries that began after World War II. Its original intent at countries that began after World War II. Its original intent began after World War II. Its original intent was was to encourage economic cooperation and trade, and thus to was to encourage economic cooperation and trade, and thus encourage was to encourage economic cooperation and trade, and thus economic cooperation and trade, and thus make armed conflict less likely. The EU has since evolved to become a "single market," allowing goods and people to move seamlessly among member states. The UK has been an EU member for decades. The UK is the fifth-largest economy in the world. It's also heavily export- oriented, particularly toward the EU. On 23 June, 2016, the UK voted 52 percent to 48 percent to "Leave" instead of "Remain" in the EU. It was the first time in the EU's 59-year history that a member state opted out. Large businesses, with a few exceptions, stood on the "Remain" side of the debate. EU leaders, fearing destabilization of financial markets and investor con- fidence following the vote, demanded that the UK move quickly to invoke Article 50 of the Treaty of Lisbon and begin the formal process of exiting the EU. This treaty provides for a period of two years to negotiate withdrawal. In a pre-Brexit survey by Buck Consultants, one in three European head- quarters of U.S. companies stated that they would reconsider the UK as the location of their European headquarters if the UK left the EU. One out of eight stated they would probably relocate their European headquarters from the UK if the nation left the EU. b rexit f ast f acts Tim Venable is Senior Vice President of CoreNet Global. He has more than 30 years' experience in economic development, corporate real estate and association management.

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