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EU hopes vote gives strong mandate to negotiate Brexit

EU hopes vote gives strong mandate to negotiate Brexit

There are "certainly indications of a compromise position" where some issues will be dealt with in parallel with the primary negotiations between Britain and EU, Noonan said in a Bloomberg Television interview in NY on Tuesday. The Republic is one of four countries officially competing to attract both agencies.

European Union officials also say there is no question of the United Kingdom keeping the medicines agency, which monitors the safety of drugs across Europe, and the banking authority, which co-ordinates European Union banking rules.

Britain is to be stripped of two of its European agencies, according to reports.

A decision on the location of the European Medicines Agency is expected to be made this year; a position on the European Banking Authority is expected to be taken towards the end of Brexit negotiations.

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. What we do know is that there will be a series of negotiations, and markets will likely remain volatile during this period. Cities including Frankfurt, Milan, Amsterdam and Paris are thought to be possible new locations for the two bodies.

More news: Pence warns NKorea 'era of strategic patience is over'

Most of the 27 European Union members have expressed an interest in hosting both the EMA and EBA. "There is a broad understanding that it is something that you need to move quickly on". EMA is the European equivalent of the US Food and Drug Administration and has operated from London since 1995.

These countries have this status because they are part of the European Economic Area (EEA), which means they are in the European single market, but not in the EU.

As the United Kingdom now wants to exit the single market, it won't have these rights, and will have to try to negotiate its own bespoke deal to gain similar rights - something that the EU27 (the remaining member states) is however likely to refuse.

The former Polish PM will chair a summit of the other 27 European Union leaders next week to agree the Brexit negotiating position.

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