Brussels has been humiliated after European Union businesses look to invest in Britain instead of the continent, according to one top German business lobbyist. Ulrich Hoppe, director-general of the German-British Chamber of Industry & Commerce, told The Telegraph that many firms in Germany are turning their focus from the EU to Britain. Julian Jessop, an economist at the Institute of Economic Affairs (IEA), told talkRADIO that the outlook for the UK is “looking pretty good, particularly when compared to the EU”.
TalkRADIO host Mark Dolan brought up Mr Hoppe’s remarks in his interview with the IEA fellow.
Mr Dolan said: “There is good news on Brexit. A top German business lobbyist has said that firms in his country are lining up to invest in Britain after Brexit sparked less disruption than feared.”
Mr Jessop responded: “That is a very important point and another reason to be optimistic about economic growth this year.
“A lot of the Brexit uncertainty is lifting. There are some important problems in some sectors but we haven’t had the no-deal crash out that people were fearing.”
He continued: “Even some of those areas that have been hit hard, like trading goods with the EU, are starting to recover quite quickly.
“So relative to what some people feared the outlook is quite good.
“The UK is starting to look pretty good, particularly when compared to the EU, which continues to mess up its vaccine rollout and threaten private businesses.”
During his interview with The Telegraph this week, Mr Hoppe also aid that many firms previously planning to relocate staff away from Britain had now abandoned their plans to do so.
A survey of 117 businesses by the chamber found that 20 percent were planning to shift some business activities abroad due to Brexit – down from 70 percent last autumn.
Mr Hoppe said: “I think there is renewed interest in the UK market and also in terms of investment in the UK market, because it is an important market.
“And now, we have some clarity in terms of what the future or the current relationship will look like.
“Of course, it’s evolving with all the details. But that has given certainty. And that’s always important for companies.”
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In the survey for German-British Chamber of Industry & Commerce, more than half of respondents expect the UK economy to improve in the coming year, with a further fifth expecting a stable performance.
This comes as German investment bank Deutsche Bank this week said the UK economy was off to a “roaring start”.
Britain’s economy is rebounding rapidly, according to economists, as early data points to a boom in spending after reopening.
Private sector forecasts of UK GDP show a huge leap in expectations, with an average forecast for UK growth in 2021 now at 5.7 percent— a huge jump from the average forecast of 4.8 percent just a month prior.