Brexit prices the European Medicines Agency dearly: invoice of 370 million kilos | EUROtoday

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Brexit it prices dearlyEuropean Medicines Agency: the invoice may come to £370 million, equal to 450 million euros, to pay the hire of a headquarters that has been empty for years. After Great Britain’s exit from the European Union, following the referendum in June 2016, London misplaced the fitting to host the European Medicines Agency (EMA). The company was compelled to maneuver to an EU nation and had chosen Amsterdam as its new headquarters.

Emma he due to this fact deliberate to separate the onerous rental contract he had signed for 25 years for his headquarters Canary Wharf, London’s new monetary district. However, the company had not taken into consideration the rigor of the English guidelines on leasing.

Already in 2019, the EMA had tried to cancel the rental contract, arguing that Brexit was a unprecedented and utterly surprising occasion which due to this fact justified an early termination of the contract.

The English High Court then rejected the European company’s request: the choose had established that there have been no ample causes to not honor the rest of the “lease” and had due to this fact imposed on the EMA the duty to proceed to pay the hire owed to the Canary Wharf Group, the proprietor of the property.

At the time, authorized consultants stated that in a post-Brexit transition interval it was vital to supply certainty to the property market and usually underline the validity of contracts of all types entered into earlier than the referendum.