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

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