Germany slashes economic growth forecast, worries about No Deal

Though it has been ignored by sections of the British mainstream media, there is considerable concern across Europe at the damage a No Deal Brexit would have on their industries. German industry and French agriculture are both incredibly worried, for example.

Today has seen the German Economy Ministry officially slash its GDP forecast for 2019 from 1.8% to 1%. That’s not good.

As the Wall Street Journal’s Bojan Pancevski points out, the German Economy Minister, Peter Altmaier has warned of the damage a No Deal would have on the domestic economy.

As he also notes: “The EU 27 will of course support Ireland, but the idea that the backstop is worth a No Deal is not prevalent. Paris is eg hard, bc of concerns that the Single Market would be compromised, compounded by weak French competitiveness. Such fears are not pronounced in Berlin.”

The Head of the Federation of German Industries, Dieter Lempf, has previously warned: “Leaving the UK without an agreement is not an option – neither for British companies nor for companies on the continent.” There will be fury throughout Europe if Brussels fail to secure a deal with Brexit Britain.

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