Loss of influence is just the beginning

BREXIT has already begun. Forget the billions of pounds spent on the exit bill, forget the cost of establishing a new Whitehall department the endearingly titled Department for Exiting the EU (DExEU) forget the 8,000 extra DExEU civil servants hired to cope with the demands of Brexit, forget even the £350-million promised for the NHS, never to be seen, forget even the potential dreadful effect on our nearest neighbour Ireland. On Monday the future location of two major EU agencies was decided.

London is home to two highly prestigious European Union regulators: the European Medicines Agency (EMA) and the European Banking Agency (EBA), these agencies regulate and oversee the activities of major European banks and big pharma and together employ over 1,000 highly paid and highly taxed professionals, who soon will face either relocation or redundancy depriving the country of jobs and revenue.

The loss of kudos and influence is just the beginning, between them the EMA and the EBA organise international conferences, seminars and hosts foreign visitors and organisations for which they book over 40,000 hotel rooms every year. This of course will stop resulting in a loss of millions of pounds in revenue and possibly thousands of hospitality jobs.

Who else will relocate and follow the EBA and the EMA? To be close to these vital regulators global banks and pharmaceutical companies have offices in London,

these international institutions are likely to move alongside the EBA and the EMA, shedding British jobs with the associated loss of revenue to the Exchequer and international prestige.

Despite the devaluation of the pound, rising inflation and food prices the Brexiters still insist on claiming that the UK will be at the sunny and balmy uplands of a brand-new tomorrow. I am afraid all I can see is a load of barmy Brexiters.

John Howe Cardiff Bay