BDI warns of disaster with Brexit and calls for a quick agreement

DJ BDI warns of disaster at Brexit and calls for a quick agreement

DÜSSELDORF (Dow Jones) – The Federation of German Industries (BDI) has called on the EU and Great Britain to come to a final agreement on the conditions of Brexit in the coming days. “An agreement on a new trade agreement has to come at the last second. Anything else would be a disaster,” said BDI Managing Director Joachim Lang of the Düsseldorf “Rheinische Post” (Saturday). “Because of our close economic links, a compromise between the EU and the United Kingdom is urgently needed. This is the only way – albeit almost too late – that more planning security can finally be achieved in the companies on both sides of the canal,” emphasized Lang.

The economy was bitterly disappointed with the course of the negotiations. The ball is now in London. The British government must be aware that the economic damage of a no-deal Brexit for the British economy would be dramatic. “It would be a dangerous illusion to assume that with a deal all problems would vanish into thin air,” warned Lang. German industry is preparing for very big challenges in German-British relations. The negotiations between the EU Commission and the British government have still not cleared decisive hurdles. EU chief negotiator Michel Barnier considered a timely Brexit agreement with Great Britain to be unlikely on Friday, according to information from diplomatic circles.

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(END) Dow Jones Newswires

November 28, 2020 10:37 ET (15:37 GMT)

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