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Brexit battle for London agencies hits deadline

Monday, July 31, 2017 - 01:42

Midnight is the deadline for EU countries to submit bids to host the European Banking Authority and European Medicines Agency, both set to move from London after Brexit. And it's turning into a fiercely fought battle. Jacob Greaves reports.

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Place your bids for a prized EU asset based in London. European cities have until Midnight monday to submit their proposals to host key agencies including the European Banking Authority. SOUNDBITE (English) REUTERS REPORT, JACOB GREAVES, SAYING: The regulatory body is up for grabs in post-Brexit Britain, I'm Reuters Jacob Greaves in Canary Wharf, The UK financial capital where its currently based. But soon the EU will begin weighing up bids from abroad. The European Medicines Agency - also based here- is another asset up for grabs. With them will come tens of thousands of highly skilled, well paid workers. Germany hoping to lure both. Its financial heartland Frankfurt is the place pitched by German authorities for the banking regulator. But there's plenty of competition from other European cities. Paris one of many expected to put their names forward. With Ireland also in the running. Dublin is making its case as the "least disruptive option for the staff and their families" A big factor perhaps, with the impact on workers thought to be one of the key criteria. The tussle comes as London tries to stop a wider exodus of talent. Chancellor Philip Hammond telling France's Le Monde newspaper that the UK won't slashes taxes and regulation to hold onto workers. That appears to soften comments he made in January, taken by many as a threat to turn the country into a giant tax haven. Now the decision on where the EU agencies will go next is set to be voted on by Autumn. The question is how big a part they will play in any so-called Brexodus.

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Brexit battle for London agencies hits deadline

Monday, July 31, 2017 - 01:42