BMW warns about Brexit repercussions
Germany car makers BMW has warned about the repercussions of Britain’s exit from the EU.
In a letter written to the British employees who make BMW’s luxury Rolls-Royce car, the company warned about the risks the firm would face if Britain votes to leave the EU at the upcoming referendum.
It also outlined the risks of a Brexit and set out what it sees as the benefits from Britain's membership of the 28-member bloc and the problems it would face if Britain votes to leave on June 23, Reuters reported.
"I'm not so sure that its about warning staff of the dangers, what companies are trying to do is inform staff of their company position. Now businesses do not get a vote but people will make a decision based on political issues social issues and business issues. 800,000 people in the UK are employed in automotive so that is a lot of livelihoods that depend on it. So when they make their decision I think its fair and I think its the responsibility of businesses to say here's our position you make your own mind up," said Mike Hawes, CEO of The Society of Motor Manufacturers and Traders.
BMW said it was not clear that an independent Britain would be granted a free trade deal with the EU and this means that tariff barriers could lead to higher costs and higher prices.
British Prime Minister David Cameron is among the opponent of Brexit. He has called on big business to explain the benefits of EU membership.
In February, the top managers of more than a third of Britain's biggest companies expressed their opposition with leaving the EU and its negative effects on the UK economy. However many others held back from signing the letter, saying they wished to remain neutral in such an important debate.
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