BDI on Brexit: "No free pass for postponement"

Berlin (ots) -

- Last minute extension of deadline particularly expensive for
companies
- No recognizable plan from London for preventing a no-deal Brexit
- Business must prepare for a hard Brexit

The Federation of German Industries (Bundesverband der Deutschen
Industrie BDI) has expressed its concerns about a further
postponement of Brexit without a clear goal. "There will be no free
pass for a postponement without a clear timetable," BDI Director
General Joachim Lang said in Berlin on Wednesday. Should the U.K.
Government make a renewed application for an extension of the Article
50 deadline, it must be clear how the United Kingdom intends to find
a route out of the looming no-deal disaster. "Only in this case - and
given credible parliamentary backing - do we believe that a further
extension makes sense," Lang stressed.

Any possible extension of the deadline would increase insecurity
for companies, the BDI Director General said. The last postponement
of the departure date in April did not take the political
negotiations any further at all. "Instead, many companies that had
planned for March 29 exerted considerable effort and made needless
expenditures , eventually with no outcome. A last-minute postponement
is particularly expensive."

Lang was critical of the fact that Brexit was looming in the wink
of an eye - and there was nevertheless no basis for discussion from
London. "It only remains for our companies to get ready for a hard
Brexit on October 31." No plan could be discerned from the U.K.
Government for avoiding a no-deal Brexit. "The actions of the British
government are disturbing. This is irresponsible and playing with
fire," Lang said.

A no-deal Brexit would be absolutely the worst possible scenario
for business. In the German economy, only low growth in gross
domestic product of at most 0.5 per cent is possible this year by
comparison with last year. In the event of a hard Brexit without an
agreement, German GDP growth could tend towards zero.

Lang nevertheless made clear that German industry was backing the
EU negotiating position without reservation. For business, the
integrity of the internal market of the EU27 is the main concern:
"Europe is our domestic market. The stability of the EU is our prime
objective," the BDI Director General said.

The Federation of German Industries (BDI) is the umbrella
organization of German industry and industry-related services. It
speaks for 39 trade associations and more than 100,000 enterprises
with around 8 million employees in Germany and 3.5 million employees
in other countries. Membership is voluntary.

Contact:
The Federation of German Industries
Member association of BUSINESSEUROPE

Contact numbers
T: +493020281479
F: +493020282479

Internet www.bdi.eu

Email Presse@bdi.eu

Original-Content von: BDI Bundesverband der Deutschen Industrie, übermittelt durch news aktuell