U.K. Push to Keep EU Banking, Drug Regulators in London Rejected
- Britain to have ‘no say’ in location of agencies, EU says
- Relocation of EBA, EMA is not part of Brexit negotiations
Pedestrians look at the view of the Canary Wharf financial, shopping and business district, from Greenwich Park in London, U.K., on Tuesday, June 21, 2016. Financial and related services accounted for 11.8 percent of U.K. economic output, or 190 billion pounds ($278 billion), in 2014, and quitting the EU could cost as many as 100,000 jobs in the sector by 2020, according to industry group TheCityUK.
Photographer: Simon Dawson/BloombergThe European Union dismissed an effort by the U.K. to keep the bloc’s banking and drugs regulators in London after Brexit, declaring Britain will have “no say” in the agencies’ new locations.
“The decision to relocate the European Medicines Agency and the European Banking Authority is a decision for the 27 member states to take,” Margaritis Schinas, spokesman for the European Commission, the EU executive, told reporters on Wednesday in Brussels. “It is not part of the Brexit negotiations.”