The fate of two agencies based in Canary Wharf will soon be decided as EU countries bid to provide them with a home.

The European Banking Authority (EBA) and European Medicines Agency (EMA) employ around 1,000 staff between them and will both be relocating out of the UK once Brexit happens.

As well as the agencies and their employees the countries will also be bidding for the business that comes with them, which, according to the BBC , includes around 40,000 hotel stays for visitors each year.

About 20 countries are expected to enter bids to re-home the agencies by midnight on Monday, July 31. The EU is arguing the UK should pay the relocation bill.

European ministers will choose the winners in November, with bids assessed on accessibility, infrastructure, the quality of office space, job opportunities for spouses of employees, transport links and “European-oriented” schooling.

Frankfurt is seen as the favourite to win the relocation of the EBA, while Politico reported that the Netherlands, Ireland and Denmark have all hosted events in Brussels to promote their bids for the EMA.

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