GERMANY - German businesses have admitted they are terrified at the prospect of a no-deal Brexit, with business bosses pinning the blame on Britain for the financial threat. Berlin firms have revealed they are panicking over the “fatal” consequences if the UK breaks free from the EU without a deal, which could trigger a “massive crisis” across the continent, according to industry chiefs.
But, despite fears, business are not prepared to back down and believe it should be London who caves to Brussels demands. Joachim Lang, director-general of Federation of German Industry, said: "A chaotic Brexit is getting dangerously close."
“Businesses on both sides of the English Channel are hanging in the air. The priority must be to avoid a hard Brexit. British politics has to live up to this responsibility. The cohesion of the EU-27 is the top priority for the German industry. We support the EU's negotiating line. The ball is in London’s court.”
But the German economy relies heavily on the UK market, with Britain having a £21 billion trade deficit with Germany, out of a total trade volume of £134 billion in 2017. The UK is the fifth largest destination for its goods and 750,000 German jobs depend on the relationship between the two countries.