Despite ongoing difficulties after Brexit, the German-British economy is cautiously optimistic about the future. “Brexit could have been a catastrophe,” said Michael Schmidt, President of the British Chamber of Commerce in Germany (BCCG). “We are pleased that the long-standing, trusting relationships between our countries and British pragmatism have long since made good mutual business possible again.” At the same time, the chamber emphasized that it had never supported Brexit.
Schmidt particularly praised the role of British Prime Minister Rishi Sunak. “What was crucial was that Great Britain’s Prime Minister Rishi Sunak found largely pragmatic solutions with the EU.” The BCCG President referred to the agreement on special Brexit rules for Northern Ireland between Great Britain and the EU. The so-called Windsor Framework, which Sunak and EU Commission President Ursula von der Leyen negotiated a good six months ago, creates political stability. This will also create greater confidence in the British market in the medium term, “because companies can now once again assess the potential and restrictions of economic activity in the United Kingdom in the long term,” said Schmidt.
Great Britain left the EU at the end of January 2020 and has no longer been a member of the EU internal market and customs union for around 1,000 days – since January 1, 2021. Despite a trade agreement negotiated at short notice, there have since been difficulties in the bilateral exchange of goods. Tariffs now apply in some industries, and companies on both sides of the English Channel are complaining about significantly more bureaucracy. Recently, however, the relationship had relaxed.
BCCG President Schmidt cited, among other things, the growing offshore wind energy sector, the private healthcare sector and infrastructure construction as market opportunities for German companies in Great Britain. “What is also interesting is Great Britain’s leading international university landscape and its strength in research and development of future technologies,” said Schmidt. Many companies opened locations in Great Britain to attract well-trained specialists. (dpa)