Germany’s BMW Joins Airbus’ Warning to Leave UK amid Brexit Fears
TEHRAN (Tasnim) - Nine months before its scheduled exit from the European Union, the UK government still fails to provide clarity on post-Brexit trading arrangements. Prominent EU companies are unclear about their future in the UK, raising fears of a massive withdrawal of investors from the country.
German car giant BMW has shared Airbus’s recent concerns over its post-Brexit operations in Britain. BMW, which employs around 8,000 people in Britain, has threatened to start making “contingency plans” if the company doesn’t get details by the end of summer.
Similar concerns were voiced earlier this week by Germany’s BDI industry group and Siemens, Sputnik reported.
According to the Confederation of British Industry (CBI), the number of companies preparing for a no-deal scenario has been growing. The CBI said that “we could see more statements like this,” apparently referring to Airbus’s recent announcement.
Airbus, the French-based aircraft manufacturing giant, stated on June 21 that a no-deal scenario would prompt the company to reconsider its long-term position in the country, putting at risk some 14,000 jobs in the UK. The corporation was concerned by uncertainty over customs procedures after the UK’s withdrawal from the European Union, claiming that a no-deal Brexit would have a “catastrophic” outcome.
On June 20, Theresa May faced down pro-EU rebels in the Conservative Party to win a vital vote in Parliament, which she claimed to be a “crucial step in delivering Brexit.” She promised that more details of UK-EU post-Brexit links would come soon.
The UK is scheduled to exit the bloc on March 29 next year. A transition period, which will see the UK remain in the single market and customs union, is to last until the end of 2020.