UK boss of Siemens claims that Britain is now a 'laughing stock' over Brexit

UK boss of Siemens claims that Britain is now a 'laughing stock' over Brexit as he warns that Theresa May must avoid 'hugely damaging' No Deal

By Martin Robinson, Chief Reporter For Mailonline

Published: 12:40 BST, 1 April 2019 | Updated: 12:41 BST, 1 April 2019

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Juergen Maier, CEO of Siemens pictured at a Labour in for Britain Pro-EU campaign event in 2016, says the UK is becoming a 'laughing stock' over Brexit

Juergen Maier, CEO of Siemens pictured at a Labour in for Britain Pro-EU campaign event in 2016, says the UK is becoming a 'laughing stock' over Brexit

Britain is becoming a 'laughing stock' over Brexit and risks leaving the trading bloc with a hugely damaging No Deal, the UK head of German industrial giant Siemens has said.

After Prime Minister Theresa May's Brexit deal was rejected by parliament for a third time last week there is pressure from rival factions for a no-deal exit, a much softer divorce or an election.

Juergen Maier said today: 'Where the UK used to be beacon for stability, we are now becoming a laughing stock.

'It has been clear for weeks, that the only way that this will be resolved is through compromise between the government and parliament'.

Maier said it was becoming hard for him to win support from his board for investment decisions as Britain heads towards a 'hugely damaging No Deal Brexit.'

'Enough is enough. We are all running out of patience. Make a decision and unite around a customs union compromise that delivers economic security and stability,' he said in a letter to Politico.

In year to September 2018, Siemens UK generated revenue of £5billion ($6.53 billion), the company's website said. 

At the end of September 2018, the company had 15,000 employees in Britain. 

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