Hungary Wooing EBA To Move To Budapest In Wake Of Brexit

  • 3 Nov 2016 8:00 AM
Hungary Wooing EBA To Move To Budapest In Wake Of Brexit
The government submitted an application last week for the headquarters of the European Banking Authority (EBA) to be moved to Budapest, Economy Minister Mihály Varga told daily Magyar Idők.

The government would like to attract several important EU institutions and western companies to move from London to Budapest in the wake of Brexit, the paper said. Hungary could increase its influence if international organisations relocating from the United Kingdom would find a home in Budapest, Varga told the paper.

Several organisations and authorities, having their headquarters in London, are bound to relocate to other countries following Brexit, Varga said. The government is also considering the case of other agencies, giving serious thought to try and convince the European Medicines Agency (EMA) to set up its headquarters in Hungary.

The minister said tax administration and tax procedures need to be simplified in order to convince companies to relocate to Hungary. The ministry submitted a tax package last week to reduce bureaucratic burdens, he added.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

MTI photo: Szigetváry Zsolt

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