It is the most important referendum in the United Kingdom for a generation and its impact - either way – is being felt around the world.
Opinion polls so far suggest most UK voters want to remain in the EU, maybe the risk-averse nature of the UK’s population drives them to vote to stay in the EU after all of the fear of the unknown can sometimes be worse. However, the national support for the Leave campaign is high enough for investors to view a British exit as a real possibility and the air of uncertainty is being felt by property investors around the globe.
With political forces picking up momentum, everyone has an opinion. The Bank of England and the International Monetary fund have weighed in reinforcing the benefits of remaining in the EU. German-owned BMW, emailed staff stressing the vote decision was ultimately a matter for the British public, however, the company had derived "significant benefit" from the free movement of people within the EU. In a similar move, UK owned JCB chairman Lord Bamford had written to his employees in the UK to explain why he favours a vote to leave the European Union, stating he was ‘very confident that we can stand on our own two feet’.
So who has been influencing the general public in the referendum vote?
We have pulled together a quick reference table on who’s influencing the vote. From politicians to entrepreneurs, through to Global leaders, it seems the reasons and the credibility of the argument are varied.
|Stay In The EU||Exit The EU|
|David Cameron||Boris Johnson|
|Mark Carney, Gorvenor, Bank of England||Michael Gove|
|Richard Branson, Founder of Virgin||Tim Martin, Chairman of Wetherspoons|
|Christine Lagarde, Managing Director, IMF||Richard Dearlove, Former Head of MI5|
|John Holland-Kaye, Chief Executive of Heathrow Airport||JCB Chairman Lord Bamford|
|Sir Roger Carr of BAE||John Caudwell, Founder, Phones4U|
|Iain Conn, Centrica||Emma Pullen, MD of The British Hovercraft Company|
|Dame Carolyn McCall, EasyJet||Luke John, Chairman of Patisserie Valerie|
|Bob Dudley, Group Chief Executive, BP||Nigel Farage|
The ex-Mayor of London, an outspoken supporter of Brexit is said to be the second most influential source behind the Brexit campaign, where he will go head to head with David Cameron, on the UK’s most important decision for a generation.
Most of the business and investment world would agree that a period of great uncertainty will follow any vote to leave the EU, and with the likes of Boris and Nigel forging the way you can see why markets will be a little unnerved. Only Greenland (on achieving self-rule) and Algeria (on gaining independence from France) have successfully left the European bloc, and the only legal pathway out of the current EU is through article 50, inserted in the 2009 Lisbon treaty, allowing a country two years to negotiate the terms of its exit from the moment it notifies the EU of its intention to leave.
Although a Brexit vote does not signify a formal note to leave, after all, that decision is not immune from legal interference.
Irrespective of the referendum outcome, UK property law is unlikely to change as it has remained a national concern. However, the buoyancy of the investment market will be troubled, just through waves of uncertainty. If there’s one thing we know, 23rd and the 24th June will be two very interesting days in the calendar this month.