Confidence in UK battered by Brexit

PARIS AND AMSTERDAM will be the respective locations for the European Banking Authority and the European Medicines Agency from April 2019 as a result of the United Kingdom's withdrawal from the European Union. Beijing News commented on Monday:

The departure of the EU's top banking regulator and a key element in the continent's healthcare industry from London deals a hard blow to the post-Brexit UK. That British efforts have failed to keep the two prominent agencies seems to suggest that the Theresa May government is in a disadvantageous position in the ongoing negotiations with the EU.

Even more conspicuous and measurable will be the financial losses the UK will have to bear due to the relocation of the two agencies. The two EU agencies along with pharmaceutical enterprises and lobbyist groups have contributed handsomely to the UK's GDP over the past years.