According to the German Chamber of Industry and Commerce (DIHK), Brexit is an “economic disaster” for both Great Britain and the EU. For German companies there is still considerable planning and legal uncertainty, said DIHK President Peter Adrian on the third Brexit anniversary of the German Press Agency. “There is a risk of trade conflicts because Great Britain is distancing itself from the EU exit agreement.”
In particular, the British plans to deviate from EU rules, such as data protection or food, are a burden for German companies, Adrian said. This can also be observed in the trade figures: “While Great Britain was Germany’s third most important export market in 2016, the country slipped to eighth place in 2022.”
On January 31, 2020, Great Britain left the EU after 47 years of membership. According to the DIHK, German companies have more than 2,100 branches in Great Britain and employ more than 400,000 people. British companies, on the other hand, have 1,500 branches and almost 300,000 employees in Germany. “There is a lot at stake for the economy on both sides of the Channel,” said Adrian.
