City AM: EU businesses say Brexit will hurt them - but they want a tough stance in any post-Brexit trade negotiations

11 May 2016

Business across Europe want the UK and the EU to agree a trade deal in the event of Brexit — but they think negotiators should take a hard line and impose strict duties and tariff barriers to make the UK pay the price for leaving.

Two-thirds of listed companies in Germany, France, Italy and Spain said that Brexit will weaken the European Union and adversely affect their own business, in a survey by law firm King and Wood Mallesons (KWM), published today.

Firms across the Eurozone’s four largest countries also said their economies could benefit if Britain votes to leave the EU, however, from London losing its status as Europe’s preeminent financial centre, but they worried that Brexit would set a dangerous precedent for other countries to leave the EU.

68% - Brexit would hurt their business

65% - The EU economy would suffer after Brexit

67% - Want their government to negotiate a trade deal with the UK

62% - Believe any trade deal should penalise the UK

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