Germany’s BDI business group said Thursday it fears a “chaotic Brexit” is “dangerously close,” and warned that such an outcome could dent German economic growth.
“A chaotic Brexit is now getting dangerously close to happening,” BDI President Dieter Kempf said, quoted by . “Companies are looking into the abyss in these times.” “Businesses on both sides of the English Channel have no choice but to now fully prepare for a hard Brexit,” he said.
Businesses on both sides of the English Channel have no choice but to now fully prepare for a hard Brexit, Dieter Kempf – BDI President
Kempf, who was presenting the group’s annual growth report for Europe’s largest economy, said that in the event of an orderly Brexit he expects the German economy to grow by 1.5 percent this year, but he stressed that growth would be weaker than that if there are major disruptions to trade between Britain and the EU.
“There’s no time for hangovers,” Kempf said, referring to Prime Minister Theresa May’s historic parliamentary defeat Tuesday. “The economy now expects quick answers on how to proceed.”
Prime Minister Theresa May survived confidence vote, on Wednesday, but there is not at all clear what the near future will bring, as the clock is ticking with the Brexit Day on March 29 closer and closer.
In the meantime, support among Brits for remaining in the EU has reached its highest level since the 2016 referendum, according to . The YouGov survey found that when excluding those who said they do not know or would not vote, 56 percent said they would choose to remain in the bloc if there was a new referendum, while 44 percent would choose to leave — a margin of 12 percentage points.