The results from Europe will come in over the weekend and by the start of next week we will know who is representing the UK in Brussels.

This year we are facing a double electoral whammy with European elections on the same day as local elections. The European Parliament is the only directly-elected body in the European Union and, although most EU legislation still comes from the unelected European Commission, the Parliament has more power than ever before. Technically nobody wins the European elections – there is no government or opposition.

Exactly how much legislation comes from Europe is up for debate but one thing is clear, European political institutions play a key role in the UK’s regulatory environment. In recent years, property-related Directives such as the Energy Performance of Buildings Directive have had a big impact on our industry’s bottom line and keeping one eye on Brussels is a sensible solution for funds and propcos with large portfolios.