As London loses two European agencies to Paris and Amsterdam, how many more in the capital could be displaced post-Brexit?
The European Banking Authority and European Medicines Agency – which have announced this week they will relocate to Paris and Amsterdam respectively – are the only EU agencies currently headquartered in the UK.
However, the European Commission does have the power to intervene in other UK-based institutions, such as the London Clearing House at 33 Aldgate High Street, EC3, which is the centre for the clearing of euro-denominated swaps to mainland Europe and contributes to the City’s status as a global financial centre. The commission’s agencies also have several representative offices around the UK, which could be threatened by Brexit.
In a warning statement, the European Commission said: “The relocation of these two agencies is a direct consequence and the first visible result of the UK’s decision to leave the EU.”
The loss of the EMA could affect the wider pharmaceutical footprint in the UK, as British drugs giants could have to set up new facilities on the continent to ensure drugs made in Britain can be sold in other countries.
The decision brings to the end the UK victory at the EU Summit in 1993 when it won a bid to host the EMA. A collection of other agencies were distributed at the summit, including the European Environment Agency, which went to Copenhagen; the European Training Foundation, which went to Turin; and the European Drugs Monitoring Centre, which was allocated to Lisbon.
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