Economics
German Industry Warns of ‘Massive Crisis’ From No-Deal Brexit
- Exports to U.K. could tumble 57% in ‘horror scenario’: IW
- Firms have spent 100 million euros on preparing for Brexit
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German industry warned that Europe risks sinking into chaos and trade will collapse if U.K. and European Union leaders fail to resolve their differences on the future of Britain’s relationship with the bloc, stepping up pressure amid a final push for a deal.
“The next EU summit in two weeks must bring a breakthrough in the talks,” Joachim Lang, managing director of Germany’s powerful BDI industrial lobby, said Tuesday at a press conference in Berlin. “Otherwise, Europe is in danger of sliding into a disorderly Brexit. The result would be a massive crisis.”