Hard Brexit remains a horror scenario
The mechanical engineering industry hopes for an agreement between the EU and Great Britain in the Brexit talks. An EU withdrawal without a follow-up agreement would have negative consequences for the industry.
The British government has presented initial plans for the scenario that the Brexit negotiations end in an no deal withdrawal of the United Kingdom from the EU. Thilo Brodtmann, Managing Director of the VDMA, said:
"A hard Brexit remains the horror scenario for industry in Britain and Europe. A failure of the Brexit negotiations would destroy existing trade flows and value chains, endangering prosperity and jobs, especially in the UK, but also in the EU.
Great Britain and the EU are therefore called upon to make rapid progress and not to let it come down to a hanging game till March 2019. In view of the difficult negotiations, it is logical that both sides should also consider a failure of the exit negotiations as an option. But emergency plans do not release politicians from their responsibility to do everything possible to ensure that the emergency does not occur. Companies must now prepare themselves for a "hard Brexit" as a precautionary measure - but we hope that these preparations will never have to be implemented."
"A failure of the Brexit negotiations would destroy existing trade flows and value chains, endangering prosperity and jobs, especially in the UK, but also in the EU"