A vote against the UK’s membership of the EU would represent a lose-lose situation for manufacturers in the UK and across the EU, according to a report by the EU manufacturing association, CEEMET. CEEMET has set out the potential implications of Brexit and highlighted analysis which warns that Brexit could trigger a downward spiral in UK GDP growth for industry, with the worst affected companies being medium-sized manufacturers in complex global supply chains.
The research, by Professor of economics Frédéric Gonand, of the University of Paris-Dauphine, commissioned by French employers’ group UIMM, is based on a detailed analysis of trends in manufacturing in the last two decades. It is a conservative estimate of the impact on British companies.
CEEMET Director General Uwe Combüchen, who represents more than 200,000 manufacturers across Europe, said: “The analysis confirms our concern about the implications of Brexit not just for Britain, but other countries in the EU. We think manufacturers in the UK and across Europe will be better served by the UK remaining a member of the EU.” CEEMET reiterates the call for an EU grounded in the principles of Better Regulation, enabling growth, promoting trade and the concept of ‘Europe where necessary, national where possible’.