Impact of Brexit

Sir, The negative impact of Brexit was further felt recently as it was decided where two major European agencies, currently based in London, are to be relocated.

The EU member states took the decision, decided by an arcane secret ballot, as to who will grasp the European Banking Authority (EBA) and European Medicines Agency (EMA), as the UK heads out of the European Union.

Both were much sought-after prizes, considered to be among the EU’s crown jewels, with the former acting as the umbrella regulator for the EU’s banking system and the latter responsible for the protection of public and animal health through the scientific evaluation and supervision of medicines.

By a member state successfully acquiring these, not only is there the cachet of being a regulatory base, but there is the magnetic effect they could have in drawing workers from companies keen to be close to their watchdog.

Nineteen locations submitted bids to host the EMA. Eight want the EBA – Brussels, Dublin, Frankfurt, Luxembourg, Paris, Prague, Vienna and Warsaw – with the Austrian and Irish capitals offering particularly generous free office space deals, according to insiders.

Following the vote, it was revealed that the European Medicines Agency is quitting London for Amsterdam, while Paris won the vote to host the EBA.

Never did I think I would see agencies exiting our shores as the UK plummets out of the EU. Alex Orr, Edinburgh.