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London loses 1000 Jobs; Brexit Effect has Started & Real

City of shot of Canary Wharf - with Brexit looming

London lose two major EU agencies as the impact of Brexit has started – How many more companies will move!?

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London has lost two European agencies to Paris and Amsterdam after the EU’s major cities battled it out to host the facilities following Britain’s departure from the political union.

The vote to decide the fate of the European Medicines Agency (EMA) and the European Banking Authority (EBA) took place in Brussels on Tuesday, with the Dutch and French capitals winning the medical and financial regulatory bodies, respectively.

Medical Negligence cases

Both votes were ultimately decided after three rounds of voting resulted in tie breaks, with the winner selected by drawing lots from a goldfish-like bowl.

French President Emmanuel Macron tweeted that the win for Paris was “a recognition of France’s attractiveness and European commitment”.

Ministers from the 27 EU countries remaining in the bloc after the UK departs in 2019 took part in a secret ballot to pick the victors.

Some 16 cities bid for the EMA, while eight wanted to host the EBA – Brussels, Dublin, Frankfurt, Paris, Prague, Luxembourg City, Vienna and Warsaw.

The final vote pitched Paris against Dublin. Frankfurt, which is home to the European Central Bank, lost out early in the voting.

Former UK Business Secretary Vince Cable said the suggestion that the UK could keep the agencies showed the government’s inability to grasp the consequences of Brexit.

The EMA, which currently employs some 900 people, was won for Britain by then-Prime Minister John Major at an EU Summit in 1993. The EBA, now employing around 150 staff, started in 2011 under the Conservative-Liberal Democrat coalition. At the time it was seen as a tool to help tighten Britain’s banking regulations following the 2008 crash.


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