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German Business Warned to Prepare for “Very Hard Brexit”
German companies that do business in the U.K. should brace themselves for a “very hard Brexit” when the U.K. finalizes its departure from the EU, warns the Federation of German Industries (BDI).
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German companies that do business in the U.K. should brace themselves for a “very hard Brexit” when the U.K. finalizes its departure from the EU, warns the Federation of German Industries (BDI).
The stern advice comes after four rounds of fruitless negotiations to replace the U.K.’s duty-free status as a member of the EU with new trade agreements, Reuters reports. Without them, a so-called hard Brexit would impose new tariffs under World Trade Organization rules. The U.K. is Germany’s third-largest export destination after China and the U.S.
BDI complains that British Prime Minister Theresa May’s government lacks a clear post Brexit strategy. Reuters notes that May’s own party remains deeply divided on the subject.
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