World Economy

Germans Delay UK Investment

Germans Delay UK InvestmentGermans Delay UK Investment

German companies are scaling back their investment in Britain ahead of its June 23 referendum on membership of the European Union, and German industry is becoming increasingly vocal in warning that a Brexit would hit both countries’ economies, Reuters reported. German foreign direct investment to Britain fell by 6% on the quarter to €4.4 billion ($5 billion) in the first three months of this year, Bundesbank data revealed. That followed an already steep annual decline of more than 40% in 2015. “A British exit means uncertainty for German companies doing business in Britain,” Markus Kerber, managing director of the BDI Federation of German Industries said.