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UK votes to leave EU - EUbusiness Week newsletter 750

24-06-2016

EUbusiness Week 750 top stories: Britain votes to leave the European Union; EU agrees deal to clamp down on corporate tax avoidance; EU maps out closer relationship with China; New EU rules to promote high-quality audits in force; MEPs vote in new rules on property settlement in divorces; EU agri-food trade balance hits record levels

Publisher's Note

It is with a heavy heart and not a little shame that I report victory for the 'yes' vote in the UK referendum. As Nigel Farage, leader of the UK Independence Party declares 'independence day', it is difficult not to see this as a victory for isolationism, insularity and bigotry. Far-right parties hail the vote as an opportunity, with the likes of Marine Le Pen of France and Geert Wilders of the Netherlands eager for their own referendum on EU exit.

What happens now? Few people really know. David Cameron has resigned, and the forces of hate and division are likely to gain influence and power. EU leaders will note the strength of feeling, in the UK and from other European eurosceptic parties, and may be open to a push for EU reform. But it may not be enough to halt the march of the far right across Europe. Have a good weekend.
Regards,

Nick Prag
Publisher, EUbusiness

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1. Britain votes to leave the European Union

In an historic vote, voters in Britain voted to leave the European Union. 52% voted to leave, 48% to remain. While England and Wales voted for Brexit, Scotland, Northern Ireland and London backed staying in the EU.
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2. EU agrees deal to clamp down on corporate tax avoidance

EU Member States agreed far-reaching new rules Tuesday to clamp down on the most common tax avoidance practices used by multinational companies.
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3. EU maps out closer relationship with China

The EU adopted Wednesday a Communication entitled 'Elements for a new EU strategy on China', which maps out the EU's relationship with China for the next five years.
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4. New EU rules to promote high-quality audits in force

New EU statutory audit rules are now in force, with the aim of enhancing investor trust in companies' financial information and boosting confidence in Europe's financial sector.
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5. MEPs vote in new rules on property settlement in divorces

MEPs have approved rules for deciding which country's courts should settle property disputes in divorce or death cases involving international couples or registered partnerships.
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6. EU agri-food trade balance hits record levels

The EU agri-food trade balance stood at a record EUR 1.5 bn in April compared to EUR 1 bn a year earlier, the Commission announced Monday in its latest monthly statistical report.
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EUROPEAN LAW

Single language invoices: the obligation to draw up cross-border invoices exclusively in a particular language, failing which they are null and void, infringes EU law, the European Court of Justice ruled on Wednesday.
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