Published On: Fri, Apr 20th, 2018

Germany issued shock BREXIT WARNING: Nation faces 'MASSIVE consequences' over UK's EU exit

Britain is leaving the bloc in March 2019, followed by a two-year Brexit transition period of around two years.

But Angela Merkel has been warned the move could cause havoc for Germany’s finances and leave Germany a “country where poverty and misery prevail”.

Author and economics writer Günter Hannich cited research by the European Committee of the Regions showing 41 out of 50 German regions will see industry, craft and skilled trades under serious pressure from the loss of Britain.

Those regions include Hamburg, Berlin, Cologne, Darmstadt, Dusseldorf and the western Ruhr area.

Writing for German website GeVestor said: “This makes Germany, along with Ireland, the country that will suffer the most from Brexit.

“I can tell you one thing: this event will have massive consequences for us and our everyday lives.”

The author, who has regularly predicted the Euro’s collapse, said Germany’s dependence on exports meant it was particularly vulnerable to any downturn in the worldwide economy or Britain’s fortunes.

Mr Hannich said: “Between 16 and 17.5 percent of economic output in the manufacturing sector is affected by Brexit.

“This is another indication that our upswing will not continue much longer. If Britain leaves the EU, it will have a massive impact on our economy.

“Since the local upswing is largely based on exports, this alone will be a significant setback.

“If, as I expect, there will be a worldwide new financial crisis, then the alleged ‘economic miracle country’ will very quickly become a country where poverty and misery prevail.

“I assume that the next crisis will hit Germany hardest because of its one-sided dependence on exports.“

This month, European Committee of the Regions chairman Karl-Heinz Lambertz called for Germany to do more in a bid to minimise the impact on regions.

Mr Lambertz said: “Given their close ties, the report suggests that German regions could be among the countries most seriously affected by the UK’s exit from the EU.”

He called for a trade agreement between the UK and remaining EU members to allow free movement of goods and minimise tariffs.

Mr Lambertz said, with the help of the EU’s regional investment policy, every effort must be made to minimise the impact on the regions.

German MEP Hans-Olaf Henkel has also warned Brexit is a “lose-lose” situation for his country and will hit thousands of jobs in Angela Merkel’s nation.

He said, while people are “realising the disadvantages of Brexit”, political leaders on the continent think it is only going to cause problems in the UK.

(Additional reporting by Monika Pallenberg)

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