Dieter Kempf, President of the Federation of German Industries (BDI): Politicians in the United Kingdom Need to Finally Recognize the Severity of the Situation
BERLIN, December 17, 2018 /PRNewswire/ --
"Politicians in the United Kingdom need to finally recognize the severity of the situation. The situation is alarming. This is about setting the fundamental course for the future and for generations to come. Any strategy to delay is extremely dangerous. We only have slightly more than three months left, there's no time for anyone to play games. Without a deal, there will be no transition period, which our companies desperately rely on. A disorderly divorce from the United Kingdom is putting 100 billion euros of German trade on the line - for exports and imports. The British economy threatens to fall into a sweeping recession, which would not go past the German economy unnoticed."
"Businesses finally need some clarity. Our companies are invested in the United Kingdom with around 120 billion euros and much more than 2,000 investment shares. They are preparing for a hard Brexit scenario. Each individual branch of every company has made an extensive impact assessment. This has also involved looking at relocation of production. Companies are waiting to see before making any investment decisions in Britain." The opportunity costs - which means lost revenue - are probably to the value of billions. Some companies would have already begun restructuring.
"The break in investments in Britain could suddenly be resolved if the divorce deal were finally signed."
The Federation of German Industries (BDI) is the umbrella organization of German industry and industry-related services. It speaks for 35 trade associations and more than 100,000 enterprises with around 8 million employees in Germany and 3.5 million employees in other countries. Membership is voluntary. 15 organizations in the regional states represent the interests of industry at the regional level.
The Federation of German Industries
Member association of BUSINESSEUROPE
Contact numbers
T: +49(0)30-2028-1479
F: +49(0)30-2028-2479
Website
www.bdi.eu
Email
Presse@bdi.eu
Share this article