Listed real estate - a
Listed real estate - a large contributor to the EU economy The European Public Real Estate Association (EPRA) has mandated PwC to estimate for the first time the total jobs footprint of the listed real estate sector for the EU28. It includes direct, indirect and induced jobs as well as jobs hosted by retail surfaces. Key figures €64bn Turnover €719bn Assets value Activities O f fi c e s Retail Industrial Services Residential 577k 67k Total jobs 249k 84k Direct jobs Indirect jobs Induced jobs Hosted jobs Total Impact For more information, please contact info@epra.com © 2018 PricewaterhouseCoopers. All rights reserved. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. In no event shall PwC Advisory France or any member firm of the PwC network be liable for any consequences of a decision made on the basis of any information contained herein. 08 — REGIONS & CITIES 2018
The big European budget battle— who is fighting for what? EU member states are set for bitter negotiations over the next long-term budget for the bloc - where several issues pit eastern and western European countries against each other. The EU is gearing up for its most complex and toughest haggling - as diplomats start to discuss the next long-term EU budget that will define funding for citizens and regions. According to the traditional dynamic of budget negotiations, participants start out with hefty calls for better, more efficient policies, high principles and common goals. Regions that have seen economic growth are expected to get less funding Photo: European Parliament key traditional EU policies on agriculture and economic convergence. By the end, however, talks gradually descend to 28 countries bickering over money. It is not a pretty sight, but luckily only happens every seven years. This time there will be only 27 states (with the UK leaving the bloc next March) contributing to and receiving from the budget until the end of the cycle at the end of 2020 - presuming a EU-UK divorce deal is agreed soon. The European Commission unveiled its budget proposal in early May with the aim of wrapping up talks before the European elections in May 2019 – an unrealistic scenario. Despite early warnings from some net contributor countries, such as the Netherlands and Austria, to draw up 'a smaller EU budget for a smaller EU', the commission increased the overall budget figures slightly. The biggest net contributor, Germany, supported the commission's approach, which irked fiscally disciplined allies of Berlin. The EU executive proposed a €1,135bn budget for 2021-27 in an effort to boost funding for defence, migration, and research in the post-Brexit EU. This means a €192bn increase compared to the previous multi-annual financial framework (MFF). The EU executive faced two challenges: plug the hole struck by the departure of the UK, which contributed around €14bn annually to the budget, and find money for new challenges, such as migration and security, while maintaining In 2018 prices, it accounts for 1.114 percent of the EU-27's gross national income (GNI), compared to the one percent under the current budget with the UK still a member of the club. 09 — REGIONS & CITIES 2018
