David Davis, the Brexit Secretary, said the fate of the agencies is still up for negotiation despite claims by the EU that they will run a competition to relocate them.
It follows reports that EU leaders are set to strip the UK of the agencies, which are regarded as the bloc’s crown jewels, during the early stages of negotiations.
The Government have moved to calm fears that the EU are already shopping the agencies around europe
No decisions have been taken about the location of the European Banking Authority or the European Medicines Agency
A spokeswoman for the Brexit department said in a statement: “No decisions have been taken about the location of the European Banking Authority (EBA) or the European Medicines Agency (EMA), these will be subject to the exit negotiations.
“As part of these negotiations the government will discuss with the EU and member states how best to continue cooperation in the fields of banking and medicines regulation in the best interests of both the UK and the EU.”
In pictures: Theresa May meets with EU's Tusk Thu, April 6, 2017
The two leaders held talks on Brexit negotiations
AFP/Getty Images 1 of 9
European Council President Donald Tusk gestures to members of the media as he leaves 10 Downing street after talks with British Prime Minister Theresa May in central London
Mr Davis may be planning to add the agencies to the wider Brexit discussions and be prepared to make concessions elsewhere in order to keep them.
The Government spokeswoman added: “It would not be appropriate to prejudge the outcome of the negotiations.”
Last month’s draft plan for negotiations by Brussels said arrangements should be made to transfer the agencies to one of the remaining 27 nations after the UK leaves.
An EU official previously stated: “The EMA and EBA both have to go to a member state. There are many interested member states. There is a broad understanding that it is something that you need to move quickly on.”
Davis said the fate of the agencies has not been decided
Get Quotes on Home Insurance
The EMA boasts 900 highly skilled staff and is responsible for the “scientific evaluation, supervision and safety monitoring of medicines developed by pharmaceutical companies for use in the EU”.
The EBA, which was set up in 2011, has 159 staff at its London office, also at Canary Wharf.
Tusk has made it clear that Britain does not have a say on these matters
Mr Tusk’s draft negotiating guidelines he made clear Britain has no say, and added: “Arrangements should be found to facilitate their transfer.”
Copenhagen, Amsterdam, Milan, Stockholm, Barcelona and Dublin are all bidding to host the medicines agency and there may eventually be up to 20 applicants.
Currently Frankfurt and Paris are in the running to host the EBA.