27 EU member states to vie for two London-based agencies

The EU have officially launched the competition between 27 member states to decide which will host the London based European Medicines Agency and the European Banking Authority

Several countries tabled bids to host both the agencies with the deciding vote was set for November. Relocation must take place by the next Brexit deadline on 30 March 2019.

That meant that hundreds of jobs would move from London with significant lost revenue from hotel stays and conferences.

The EU member states agreed on the selection process on Thursday night, after UK Prime Minister Theresa May left the Brussels summit and were determined to see the UK pay for the relocation cost, as Brexit was a UK decision.

Rivalry between member states over hosting the agencies would be closely monitored, and might reveal wider tensions over Brexit. Therefore, it was seen as an early test of EU unity during the upcoming tough Brexit negotiations.

Foreign Ministers would gather to vote in November, assigning in order of preference - three points for the preferred bid, two points for the second favourite and one point for the third, with accessibility and efficient infrastructure being the top two agreed criteria.