July 12, 2020, 12:52

Engineering Giant Accuses UK Gov’t of Prioritizing Tory Party Over Economy

Engineering Giant Accuses UK Gov’t of Prioritizing Tory Party Over Economy

The senior company executive also described people in Germany are “aghast” at what is happening in talks between the UK and Brussels.

Britain’s withdrawal from the European Union has so far been a “complete shambles”, the chairman and chief executive of ThyssenKrupp’s UK operations has insisted.

Terry Sargeant warned on Monday that Brexit could detrimentally affect multinational corporations’ activity in the UK, accusing the British government of putting the Tory Party’s interests ahead of the national economy.

READ MORE: Four UK Ministers Could Resign as EU Rejects Another Brexit Proposal — Reports

“The impact of Brexit for multinationals is disruptive, and could lead to loss of business in Britain,” Mr. Sargeant said, adding that the government is looking to prevent an “implosion” in the Conservative Party as opposed to securing a favourable trade deal.

“In Germany, people look at this and are aghast at what is happening. While in the UK we think about Brexit every minute of the day, in Germany, people think about it for 13 seconds before every quarter end or even trimester. We [as businesses] will make decisions based on ease of trade and attractiveness of the market environment.”

Moreover, the business executive said he is deeply concerned about the future for young workers, warning that Brexit could force the company to shed its UK workforce.

“This is about the future generations. I am passionate that we do what we can to stop the damage, that is why I am speaking out,” he concluded.

ThyssenKrupp globally employs some 150,000 workers, and the engineering giant issued its second profit warning of the year on Friday, prompting its stock price to take a nine percent dive.

The firm has contracts inked with blue-chip civilian and military manufacturers, including Boeing and Airbus. 

Amid continued uncertainty over Brexit, polls have shown support for Prime Minister Theresa May to be nearing an all-time low, with over 40 percent of Tory members wanting her to immediately resign.

READ MORE: UK PM Cancels Monday’s Emergency Govt Meeting on Brexit Deal — Reports

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