FRANKFURT (AFP/APP): Leading German business organisations warned Wednesday of a “chaotic” Brexit that would cause massive disruption to trade, after MPs in London overwhelmingly voted to reject an EU withdrawal deal.
“A chaotic Brexit is coming dangerously close,” Federation of German Industry (BDI) director Joachim Lang said in a statement, warning that more than 175 billion euros of German-British exchanges in goods and services could be affected.
“The top priority must be to avoid a hard Brexit,” Lang added. “Responsibility for that lies solely with the government and the opposition in London.”
Without a withdrawal agreement, Britain will abruptly tumble into “third-country” status after March 29 and face regulatory and tariff barriers to trade with the EU, rather than enjoying an almost two-year “transition period” when present rules will still apply.
