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Commercial Awareness Update- September 2019
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<blockquote data-quote="Sara Moon" data-source="post: 13164" data-attributes="member: 525"><p><strong>4. <u>The Future of HS2 and Brexit Update [USER=1160]@Alice G[/USER]</u></strong></p><p></p><p><strong>1. The Future of HS2</strong></p><p></p><p><strong>The Story</strong></p><p><strong></strong></p><p>A review of HS2, the high-speed rail project, has been ordered and the project shall be given the go ahead to continue or it will be terminated by the end of this year. Boris Johnson wants to be sure that the benefits of the project will be worthwhile for the money the project is costing, which is set to far exceed the initial £56 billion budget. It has been reported that the project will also likely be delayed by 7 years even if it was to continue.</p><p></p><p><strong>Impact on Businesses and Law Firms</strong></p><p></p><p>Projects that are in the pipeline are very much dependent on the HS2 rail infrastructure being built, especially in Manchester, Crewe and Leeds. Should the plans be cancelled then these projects and the businesses set to benefit from them will be in jeopardy. It is possible that litigious claims might be brought forwards if these businesses incur any financial losses or damage from the plans being seized. Developers who had planned to build commercial office spaces near the HS2 rail links would be an example.</p><p></p><p>The project hopes to reduce the congestion on the rail links and to rebalance the economy by making cities like Leeds and Manchester more accessible with the hopes of developing them into increasingly thriving business metropolises. Should the project not go ahead, London will remain the ‘land of opportunity’ in the UK and businesses which have already made the move into the North might decide to scale back again.</p><p></p><p><strong>2. Brexit Update</strong></p><p></p><p><strong>The Story</strong></p><p></p><p>Following a tumultuous week after announcing his intention to prorogue parliament, Boris Johnson is fending off rebels within his own ranks. Tuesday afternoon saw one MP, Dr Phillip Lee, defect to the Liberal Democrats which lost the Prime minister his parliamentary majority. MPs are now seeking to pass a bill which would delay Brexit until the end of January unless MPs approve a new deal or vote for a no-deal Brexit. Boris Johnson has also threatened to call an election in mid-October in order to secure a mandate to progress with a no-deal Brexit.</p><p></p><p><strong>Impact on Businesses and Law Firms</strong></p><p></p><p>Sterling has hit another slump amid the chaos in parliament and we still do not seem to be any closer to a degree of certainty with regards to Brexit. An election would almost certainly damage the value of sterling even further.</p><p></p><p>Law firms had a hand in trying to argue against the legality of Johnson’s decision to prorogue parliament, namely Mishcon de Reya, although the legality of this move was reinforced in the Courts.</p><p></p><p>If an election is called and the Liberal Democrats were to gain a majority and mandate in parliament, it is possible that we could still have a second referendum on Brexit which would have a seismic impact. The next month will be defining and we should be attentive to the daily and weekly updates surrounding Brexit and the process in action.</p><p></p><p><strong><u>5. UK High Street Reform [USER=525]@Sara Moon[/USER]</u></strong></p><p></p><p><strong>The story</strong></p><p></p><p>Struggles of the high street has been on the news in the recent years as more and more people prefer online shopping, rents soar and minimum wages rise. One in 10 shops in UK town centres are vacant and many well-known retailers like Debenhams, Office and Boots have been carrying out restructurings.</p><p></p><p>In order to re-energise the high street, the High Street Fund was created in December 2018. Last Monday, the Ministry for Housing, Communities and Local Government announced that it will add further £325m to the fund. The fund will be used to support various projects, such as improving transportations and converting empty shops into homes, that will help revitalise 50 selected town centres.</p><p></p><p><strong>Impact on businesses and law firms</strong></p><p></p><p>Due to declining customers and increase in business costs, most retailers have been restructuring their businesses and closing a large number of their shops. Although unfortunate for the companies, restructuring and insolvency involve various legal issues for law firms to advise on. Other than advising on the restructuring process itself, law firms may also have to advise on any unexpected legal issues that may arise during the process. For example, Debenhams restructuring scheme is currently facing a legal challenge brought by Combined Property Control (CPC), which represents some of the Debenhams stores’ landlords. CPC is arguing that the company’s rescue deal that agreed to shut 50 stores and secure rent cuts was not run properly, and if it wins the case, Debenhams restructuring plan may fail.</p></blockquote><p></p>
[QUOTE="Sara Moon, post: 13164, member: 525"] [B]4. [U]The Future of HS2 and Brexit Update [USER=1160]@Alice G[/USER][/U][/B] [B]1. The Future of HS2[/B] [B]The Story [/B] A review of HS2, the high-speed rail project, has been ordered and the project shall be given the go ahead to continue or it will be terminated by the end of this year. Boris Johnson wants to be sure that the benefits of the project will be worthwhile for the money the project is costing, which is set to far exceed the initial £56 billion budget. It has been reported that the project will also likely be delayed by 7 years even if it was to continue. [B]Impact on Businesses and Law Firms[/B] Projects that are in the pipeline are very much dependent on the HS2 rail infrastructure being built, especially in Manchester, Crewe and Leeds. Should the plans be cancelled then these projects and the businesses set to benefit from them will be in jeopardy. It is possible that litigious claims might be brought forwards if these businesses incur any financial losses or damage from the plans being seized. Developers who had planned to build commercial office spaces near the HS2 rail links would be an example. The project hopes to reduce the congestion on the rail links and to rebalance the economy by making cities like Leeds and Manchester more accessible with the hopes of developing them into increasingly thriving business metropolises. Should the project not go ahead, London will remain the ‘land of opportunity’ in the UK and businesses which have already made the move into the North might decide to scale back again. [B]2. Brexit Update[/B] [B]The Story[/B] Following a tumultuous week after announcing his intention to prorogue parliament, Boris Johnson is fending off rebels within his own ranks. Tuesday afternoon saw one MP, Dr Phillip Lee, defect to the Liberal Democrats which lost the Prime minister his parliamentary majority. MPs are now seeking to pass a bill which would delay Brexit until the end of January unless MPs approve a new deal or vote for a no-deal Brexit. Boris Johnson has also threatened to call an election in mid-October in order to secure a mandate to progress with a no-deal Brexit. [B]Impact on Businesses and Law Firms[/B] Sterling has hit another slump amid the chaos in parliament and we still do not seem to be any closer to a degree of certainty with regards to Brexit. An election would almost certainly damage the value of sterling even further. Law firms had a hand in trying to argue against the legality of Johnson’s decision to prorogue parliament, namely Mishcon de Reya, although the legality of this move was reinforced in the Courts. If an election is called and the Liberal Democrats were to gain a majority and mandate in parliament, it is possible that we could still have a second referendum on Brexit which would have a seismic impact. The next month will be defining and we should be attentive to the daily and weekly updates surrounding Brexit and the process in action. [B][U]5. UK High Street Reform [USER=525]@Sara Moon[/USER][/U][/B] [B]The story[/B] Struggles of the high street has been on the news in the recent years as more and more people prefer online shopping, rents soar and minimum wages rise. One in 10 shops in UK town centres are vacant and many well-known retailers like Debenhams, Office and Boots have been carrying out restructurings. In order to re-energise the high street, the High Street Fund was created in December 2018. Last Monday, the Ministry for Housing, Communities and Local Government announced that it will add further £325m to the fund. The fund will be used to support various projects, such as improving transportations and converting empty shops into homes, that will help revitalise 50 selected town centres. [B]Impact on businesses and law firms[/B] Due to declining customers and increase in business costs, most retailers have been restructuring their businesses and closing a large number of their shops. Although unfortunate for the companies, restructuring and insolvency involve various legal issues for law firms to advise on. Other than advising on the restructuring process itself, law firms may also have to advise on any unexpected legal issues that may arise during the process. For example, Debenhams restructuring scheme is currently facing a legal challenge brought by Combined Property Control (CPC), which represents some of the Debenhams stores’ landlords. CPC is arguing that the company’s rescue deal that agreed to shut 50 stores and secure rent cuts was not run properly, and if it wins the case, Debenhams restructuring plan may fail. [/QUOTE]
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