Firms in Germany want to maintain strong ties with the UK once it departs the EU: “Ideally, we would have a deep and comprehensive partnership agreement on investment and trade,” said Markus Kerber of BDI, according to Reuters and City A.M. There are several German and other European firms based in the Ward of Cheap. Securing the greatest possible access to European markets after Brexit therefore needs to be a top priority.
Trade in goods and services between Germany and Britain stood at 175 billion euros in 2015. More than 2,200 German companies operate in Britain, employing 370,000 people.
Prime Minister Theresa May has promised to seek the greatest possible access to European markets and to establish free trade deals with countries far beyond Europe, but she also wants to impose limits on immigration from the continent. The rights of EU citizens in UK, and British citizens in the EU after Brexit have still not been confirmed. Although there are several amendments in the House of Lords tabled to seek assurances. This clarity is important for businesses to be able to continue to attract talents from outside UK, and for EU workers and their families who face uncertainty about their future status.
Earlier this month City A.M. published details of a report from the European parliament’s committee on economic and monetary affairs, revealing there were concerns in the EU that any attempt of a raid on the City of London’s financial status could ultimately backfire for the other member states. The German Industry Group is now adding their voice to the debate. It is in everyone’s interest we secure a comprehensive partnership between the UK and EU going forward.