Germany: Brexit is an economic disaster for Britain and the European Union
The Federation of German Chambers of Industry and Commerce considered Britain’s exit from the European Union an economic catastrophe for both Britain and the European Union.
On the third anniversary of Brexit, the union’s president, Peter Adrian, said that there was still a great deal of turmoil in planning and legal affairs for German companies.
He added, “There is a risk of trade disputes, because Britain distances itself from the withdrawal agreement with the European Union.”
Adrian mentioned that Britain’s plans to deviate from EU rules, such as data protection or those related to food, are a burden on German companies, adding that this can also be seen in the trade turnover figures.
“While Britain was Germany’s third most important export market in 2016, the country has slipped to eighth place in 2022,” he said.
On January 31, 2020, Britain left the European Union after 47 years of membership.
According to data from the Federation of German Chambers of Commerce and Industry, German companies have more than 2,100 branches in Britain, and employ more than 400,000 employees.
On the other hand, British companies have 1,500 branches in Germany with about 300,000 employees.
“There is a lot at stake for the economy on both sides of the canal,” Adrian concluded.