British automakers warn about Brexit disk and Deutsche Bank on the edge
Here is how Brexit could impact the German automotive industry.
Britain leaving the European single market would damage the EU Member States and the UK economies, the German automotive industry warned Wednesday after Prime Minister Theresa May seemed to head for the exit .
The UK economy is deeply woven in other EU countries, Matthias Wissmann, President of the German Association of the Automotive Industry VDA, told AFP by email Brexit A drive would be difficult and expensive.
In a highly publicized speech on Tuesday, May announced his intention to leave the European single market and the 28 members of the European Union after British vote to leave in June last year.
Brexit must mean controlling the number of people coming to Britain from Europe, May said what I propose can not mean membership of the single market.
Since Brexit vote, European leaders insisted that Britain can not cherry elements choice of the single market by clinging to the free movement of goods, services and capital, but not the work - four freedoms which constitute the single market.
The Prime Minister added that she still wanted the duty-free trade with business ties and Europe in a new friction agreement with the EU.
Years passed before new treaties are predicted DEAL, VDA Wissmann made prospects as scare investors away.
Britain is the German automotive industry first export customer, Wissmann said, adding that 57 percent of all exports of the British motor industry is for the EU.
About one in five cars produced in Germany is sold in the UK, according to the VDA, as German companies operate in 100 car production sites or components in Britain.
Car companies have a great interest in solutions that continue to be found to enable the intensive trade and wealth creation associated with it, said Wissmann.
Can should ensure the outcome of the EU single, a duty-free access to the EU single market in the future of UK negotiations, a spokesman for the luxury carmaker BMW, which operates four Sites in the UK, told AFP in a statement.
Not only free trade but also cross-border employment opportunities and unified regulations are applied internationally proven benefit to business, the economy and individuals, the spokesman.
Britain should formally notify the EU authorities of his intention to leave by the end of March, triggering a negotiation of two years on the terms of his departure from the block.
Here is how Brexit could impact the German automobile industry Local, this brexit, impact.