Over Third of Manufacturers in Germany Fear Business Losses Due to Brexit

Over a third of manufacturers in Germany fear that were the United Kingdom to leave the European Union it would have a negative impact on their business, a poll published on Wednesday found.

MOSCOW (Sputnik) — According to the results of the survey carried out by the Ifo Institute, 38 percent of German manufacturers think Brexit could have negative consequences for their business, while 61 percent expect no effect at all from the United Kingdom revoking its EU membership, and 1 percent believe that such a move would have a positive impact.

Poll also showed that large companies with more than 500 employees were particularly interested in the outcome of the upcoming referendum. Furthermore, German exporters were more likely to have a negative outlook on Brexit, with 41 percent of this group believing it would damage their business.

About 1,478 manufacturers in Germany took part in the survey.

On Thursday, the British public will vote in a referendum on whether their country should stay in or leave the European Union. The referendum was scheduled after UK Prime Minister David Cameron and the leaders of the 27 EU member states agreed in February to grant the United Kingdom a special status within the bloc.

Brexit supporters argue that EU membership has eroded the country’s independence to legislate, direct its economy and control its borders. Opponents warn that leaving the European Union could deeply harm the UK economy.