Harvey Blackwood - German Industry to Prepare for Hard Brexit

German Industry Group sets up taskforce to prepare for worst of a disruptive British exit from the EU.

German Factory

Germany’s largest industry group has warned that German firms active in the United Kingdom should begin preparing for a very hard Brexit. This warning is based on broad-based consensus that the UK government does not know what it wants.

The Federation of German Industries (BDI) stated that British Prime Minister Theresa May’s administration was without a defined plan on how to break away from the European Union after last year’s EU referendum.

BDI Managing Director, Joachim Lang said to the press that, after numerous rounds of discussions, German industry was becoming increasingly concerned with the lack of progress with Brexit negotiations.

In order to make provision for a hard British exit from the EU, the BDI stated that it had established a task force comprised of several major German industrial firms.

The goal of the task force is to pin point and prepare for the most damaging potential risks that could arise from the UK’s exit from the European bloc.

This week’s annual conference of May’s Conservative Party revealed that her party is still uncertain how to approach the Brexit discussions.

An analyst for Shanghai, China based Harvey Blackwood believes that the deep division within May’s party and their lack of strategy was exacerbating the situation.

The Harvey Blackwood analyst added that it would be shortsighted for German companies to not adequately prepare for a disruptive British exit.

A hard Brexit would mean that Britain would have no trade agreement with the European Union. Britain would be forced to revert back to World Trade Organization regulations and no longer be part of the single market. ​

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Source: Harvey Blackwood