April 24, 2017

European Union hopes vote gives strong mandate to negotiate Brexit

19 April 2017, 09:42 | Clarence Schmidt

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London is home to both the European Medicines Agency (EMA) and the European Banking Authority (EBA), and last month the EU's draft plan for negotiations said arrangements should be made to transfer them to a state staying in the EU.

The future locations of the European Medicines Agency (EMA) and the European Banking Authority (EBA) are up for grabs on the back of Brexit, but in an unexpected development the United Kingdom has indicated it will battle to keep the agencies.

Davis is understood to want to include the future of the EMA and EBA as part of the wider negotiations on future trade relations between the United Kingdom and Europe.

The weekly paper said the announcement would be made within weeks in retaliation for Britain's aggressive approach to negotiations over its future relationship with the European Union after Brexit. What we do know is that there will be a series of negotiations, and markets will likely remain volatile during this period.

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Amsterdam, Dublin, Barcelona, Copenhagen are among up to 20 capital cities across the European Union which could formally bid to be the new home of the EMA. Most of the 27 have expressed an interest in hosting both the EMA and EBA. There are many interested member states. EMA is the European equivalent of the US Food and Drug Administration and has operated from London since 1995. The consistent message from UK Prime Minister, Theresa May, has been that securing the status of, and giving certainty to, European nationals already in the UK, and to UK nationals in the EU, is a priority for the Government.

"This means there will be an opportunity for the United Kingdom citizens to express themselves on how they see the future relationship between their country and the EU".

On March 29, 2017 Britain's ambassador to the EU hands over a historic letter to the EU president, formally starting the process of Britain leaving the European Union, the first country in the bloc's history to do so.

"This will allow the EU27 to start negotiations", he adds.

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