Economics

Jobs Leaving Britain

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According to CNN, today, the European Union decided that the European Medicines Agency will move its headquarters from Britain to Amsterdam, and the European Banking Authority will relocate to Paris, both in March 2019.

The European Medicines Agency’s job is to supervise the safety of humans and veterinary medicines, employing about 900 people. The European Banking Authority regulates financial firms, employing a smaller staff of about 170. The employees of both of these agencies are known to be very highly qualified, meeting the requirements of obtaining at least one university degree and speaking English and at least one other European language fluently.

After rounds of voting in the secret ballot, the representatives of all EU member states decided that both the European Medicines Agency and European Banking Authority were to be moved to Amsterdam and Paris, respectively. These decisions were made due to various reasons, some of the most prominent ones being the regulatory and structural instability caused by Brexit.

These agencies are very highly sought after due to the enormous economic benefits that come along with them to the home country. Thousands of visitors and money are brought into the country through many ways, including the frequently held seminars and conferences in these places.

For the employees, these jobs are known for having a very good pay, being well above the average wage for London, including the benefits of child care, housing allowances, pensions, and healthcare.

Because of this, Britain is currently in a huge fear of losing thousands of potential jobs. The European Central Bank announced that last week about 50 banks have already set up relocations plans.

London had been turned into one of the world’s leading center of business, however, with this decision, the weakening of the ecosystem of legal, banking, technology, and scientific expertise are expected to come soon as consequences of these relocations.

Source: CNN Article

Categories: Economics, Economics

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