Agenda item

The Chamberlain to be heard.

The Chairman introduced the update, noting that the impact of the Brexit process on property and financial investments was distinct. With regards to property, international demand may be stimulated by the fluctuating value of the pound, but this may only offset reduced short-term demand for property. With regards to financial investment, the global economy was a more significant factor due to the international nature of the Corporation’s portfolio.

The Chamberlain advised the Committee that any threat to the Corporation’s income streams were monitored. The Town Clerk had been hosting a fortnightly Brexit Planning Group, which involved Chief Officers, and had been tracking the situation carefully as it developed.

A Member stated that the ongoing legal case between the European Medical Agency and the Canary Wharf Group may have implications for the City of London Corporation, particularly if the European Medical Agency’s case was successful, and expressed their hope that officers were tracking the case as it developed. The City Surveyor confirmed that no properties in the Corporation’s portfolio were currently let to EU agencies or related bodies.