Saturday, 24 Oct 2020

Almost a third of German firms expect no-deal Brexit: survey

BERLIN (Reuters) – Some 30% of German companies fear Britain and the European Union will fail to reach a deal on their future relationship before a transition period that ends on Dec. 31, a survey published on Friday showed.

The May survey by accounting firm Deloitte and German industry association BDI of 248 German companies with interests in Britain found that 25% expected talks to be extended.

About 26% said they expected the two sides to reach a free trade deal by the end of the year and 18% said they believed the EU and Britain will reach a basic framework agreement that will be finalised next year.

Britain and the EU, which remain far apart with only a few months until a deal must be reached, have intensified talks on a trade deal that would replace ties severed by Brexit.

A transition period, during which Britain remains in the EU single market and customs union, expires at the end of the year. A no deal is a scenario feared by many firms as it would translate into high tariffs on products and services and cause major disruptions to the movement of people and goods.

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