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Federation Of German Industries (BDI) Chief Executive Joachim Lang: "Hysteria Has Won Out - No Time Left For The Hangover"

Date 16/01/2019

"The rejection of the withdrawal agreement is alarming. Where common sense was required, hysteria has won out. Any chance of finding a route out of the chaos has been lost for the present. 

Businesses on both this side and the other side of the English Channel continue to be left hanging in mid-air.  A chaotic Brexit is drawing dangerously closer. The top priority now must be to avoid a 
hard Brexit. Responsibility for this lies purely and simply with the government and the opposition in London. 


Our companies are unable to prepare themselves in the manner required just a few weeks ahead of the withdrawal date. If the United Kingdom crashes out, bilateral trade with Germany totalling more than 175 billion euros - in imports and exports of goods and services - will be at risk. An immediate and sweeping recession looms over the British economy that will not pass Germany by unnoticed. 

There is no time for nursing a hangover. Business expects a quick answer on how events will proceed. Our companies have invested in the United Kingdom to the tune of around 120 billion euros and considerably more than 2,000 stake holdings. Any lack of clarity would jeopardise tens of thousands of businesses and hundreds of thousands of jobs in Germany, and more particularly in the United Kingdom. 

The European Commission has put forward its emergency plans. Parliament and the Council must now act without delay to contain the most serious consequences." 

"The rejection of the withdrawal agreement is alarming. Where 
common sense was required, hysteria has won out. Any chance of 
finding a route out of the chaos has been lost for the present. 

   Businesses on both this side and the other side of the English 
Channel continue to be left hanging in mid-air.  A chaotic Brexit is 
drawing dangerously closer. The top priority now must be to avoid a 
hard Brexit. Responsibility for this lies purely and simply with the 
government and the opposition in London. 

   Our companies are unable to prepare themselves in the manner 
required just a few weeks ahead of the withdrawal date. If the United
Kingdom crashes out, bilateral trade with Germany totalling more than
175 billion euros - in imports and exports of goods and services - 
will be at risk. An immediate and sweeping recession looms over the 
British economy that will not pass Germany by unnoticed. 

   There is no time for nursing a hangover. Business expects a quick 
answer on how events will proceed. Our companies have invested in the
United Kingdom to the tune of around 120 billion euros and 
considerably more than 2,000 stake holdings. Any lack of clarity 
would jeopardise tens of thousands of businesses and hundreds of 
thousands of jobs in Germany, and more particularly in the United 
Kingdom. 

   The European Commission has put forward its emergency plans. 
Parliament and the Council must now act without delay to contain the 
most serious consequences."