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's blog: Brexit battle: Austria charm to take European Medicine Agency - Views ( 146381 ) -article by: AliCatCapital

AliCatCapitals' BLOG ( 27 articles!)

Brexit battle: Austria charm to take European Medicine Agency - Views ( 292 )
Brexit battle: Austria charm to take European Medicine Agency  

Brexit battle: Austria charm to take European Medicine Agency

Author: AliCatCapital , Last Modified, 2020-10-31 05:08:35

Category: money Keywords: Brexit-battle:-Austria-charm-to-take-European-Medicine-Agency

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Brexit battle: Austria charm to take European Medicine Agency

Brexit battle: Austria begins charm offensive to take European Medicines Agency HQ from UK

AUSTRIA is the latest country to join the race to host the European Medicines Agency (EMA) when the headquarters leave London due to Brexit.

By JON ROGERS
PUBLISHED: 18:41, Mon, Sep 11, 2017 | UPDATED: 19:05, Mon, Sep 11, 2017
The European Union (EU) country also wants to be the centre for the European Banking Supervisory Authority (EBA) as well.

Health Minister Pamela Rendi-Wagner and Vienna's financial city councillor Renate Brauner are presenting their application for the EU drug agency in Brussels today.

The race to win the prize of the EMA is now particularly fierce with 19 cities, including Vienna, vying to become the new HQ of the EU drug agency.

Also in the running are Stockholm, Copenhagen, Amsterdam, Barcelona and Milan.
Eurocrats have estimated the cost of moving the EMA out of the UK at a staggering £521million, which is a massive £163million above their initial estimate.

The EU Commission will examine the applications by 30 September, but according to diplomats, there will be no shortlist.

It is therefore likely that the decision will not be taken until November in the EU Council of Ministers in a secret ballot.

The new seat of the EBA, which is also moving away from London due to Brexit, must also be decided.

For the EBA, Frankfurt is widely regarded as a favourite.

The EMA has calculated the cost of moving its operations and staff, and paying off the remainder of a locked in lease that runs until June 2039, at more than half a billion pounds. Officials previously estimated it would run to £358million.

This figure includes £401million to pay off the rest of the lease, £34million to kit out its new home, £47.4million for relocating the agency's 890 strong workforce and £21.7million on IT and audiovisual equipment and meeting rooms.

However, there is a possibility that number could be slashed somewhat given the embarrassing revelation for Brussels that three quarters of its workers may refuse to leave London.

AliCatCapital

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