The fight for some of the most prized spoils of Brexit comes to a climax on Monday when 27 EU states pick the new host cities for two London-based regulatory agencies.

In a process only half-jokingly compared to the Eurovision Song Contest, ministers will vote on where to relocate the European Medicines Agency and European Banking Authority.

British bookmaker Ladbrokes makes Bratislava, Milan and Amsterdam favourites to host the EMA, with Frankfurt, Vienna and Dublin lead the running for the EBA, although officials warned the secret ballot could throw up an unpredictable result. 

Governments have been jostling to win the backing of other countries with "hot bargaining" behind the scenes for two agencies that promise both prestige and prosperity, a diplomatic source told AFP.