Brexit to lead German companies to cut jobs, investment in Britain

German companies plan to cut both investment and jobs in Britain if that country presses ahead with plans to leave the European Union after last month's vote to exit the EU.

More than one-third of German companies with operations in Britain will reduce their investment there if London implements the Brexit vote, while 26 per cent will cut their British workforces, according to a survey released by the Association of German Chambers of Commerce and Industry (DIHK).

"The political and legal uncertainty during the current transitional period will lead to declining exports to the UK for every fourth (German) company," said DIHK President Eric Schweitzer.

Thursday's survey was based on reactions from about 5,600 of DIHK's members.

Schweitzer said the British referendum on EU membership underlined "what a major achievement for German companies the EU's internal market is."

Last update: Thu, 07/07/2016 - 12:06

More from Business

OPEC, non-OPEC countries poised to decide further oil production cut

Representatives from OPEC members and other major oil producers voiced optimism they could strike a price-boosting...

Greek ferry strike ends after eight days

A nationwide strike by Greek ferry workers that led to supply shortages on a several islands ended Saturday after...

Sky accepts 18-billion-pound takeover bid by 21st Century Fox

The board of British broadcaster Sky has accepted a takeover bid worth some 18 billion pounds (22.6 billion dollars...

Pilots resume negotiations with Lufthansa in long-running pay battle

Pilots working for Germany's flagship airline, Lufthansa, have returned to the negotiating table with their...

One third of big Australian companies pay no tax, tax office says

More than a third of the largest companies in Australia paid no tax in the previous financial year, according to...