UK will step back from Brexit ABYSS and REMAIN in EU, vows German business leader

Posted on Nov 7 2018 - 9:58pm by admin

Lars Windhorst, CEO of financial investment firm Sapinda, is adamant “reason will prevail” to halt Britain exiting the EU.

Negotiations on Britain leaving the bloc have continued to stall despite last month’s EU leaders’ summit.

London-based entrepreneur Mr Windhorst now thinks the British government will halt the exit process over fears of the impact on Britain’s economy.

Mr Windhorst said: “Brexit will probably not happen. Once the abyss is obvious, then I believe common sense will win.

“Anything else would be surprising.”

European elections to be held in May, 2019 would present one of the first major problems to the UK government, he claimed.

A two-year Brexit transition period could tie Britain into the EU until at least the end of 2020.

Mr Windhorst added: “That means, if they said in March, we simply extend the negotiations by two years, then the first major hurdle will be the EU elections in May for the next five years.

“The British would then have to vote MEPs for two years. How is that supposed to work? “

Meanwhile, Germany’s economy has dipped in another blow to departing chancellor Angela Merkel.

Business is thought to have stagnated in the third quarter, with one estimate from the Kiel Institute of the World Economy predicting a 0.3 per cent fall from the second quarter’s figure.

The German car industry has been particularly hit over new emissions test problems which have forced Volkswagen to temporarily store 200,000 cars.

The Worldwide Harmonised Light Vehicle Test Procedure (WLTP) is being rolled out across the EU.

Deutsche Bank estimates car production has plummeted by 10 per cent in the third quarter compared to the previous quarter.

Germany’s car industry accounts for 4.5 per cent of its annual GDP.

The news comes just weeks after Mrs Merkel announced she is stepping down as chancellor in 2021.

Her decision came after a series of electoral hammer blows damaged her Christian Social Union (CSU) party.

The centre-right party lost its absolute majority in the state parliament it has dominated since 1957.

Following the humiliation, Mrs Merkel also announced she would not stand again as party leader when elections are held later this year.

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