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The Latest: German Companies Fear Negative Effects of Brexit

Wednesday, 22 June 2016 06:24 AM

LONDON (AP) — The Latest on the British referendum on EU membership (all times local):

10:50 a.m.

A German economic think-tank says more than a third of industrial companies it surveyed in the country, Europe's biggest economy, fear that a British exit from the European Union would have negative effects on their business.

The Ifo institute, which also produces a closely watched monthly business confidence index, said Wednesday that it surveyed 1,478 companies between June 6 and 21 to gauge their expectations of a possible British exit.

It said 38 percent of the firms questioned fear negative effects, and that those worries were particularly pronounced among companies with more than 500 employees. Another 61 percent expected no effect on their business, while just 1 percent expected positive effects.

Britain was the No. 3 destination for German exports last year and was Germany's fifth-biggest trading partner overall.

8:50 a.m.

Prime Minister David Cameron is taking on a frantic day of campaigning on the eve of vote on whether or not Britain will leave the European Union.

Cameron defended Britain's participation in the 28-nation bloc in a BBC interview Wednesday, arguing that the country benefits from membership and rejected the notion that the institution is moribund.

Cameron says: "We are not shackled to a corpse."

Meanwhile, the most notable figure in the "leave" campaign, former London Mayor Boris Johnson, has kicked off a whirlwind tour of England as he pushes for a British exit — or Brexit.

Johnson toured Billingsgate Fish Market and urged voters to "believe in our country."

He says "this is a crucial time."

8:35 a.m.

Leaders of about half of Britain's largest companies have made a last ditch appeal to their employees to vote for remaining in the European Union.

In a letter to the Times on the eve of Thursday's vote, some 1,285 business leaders — include representatives of half of the FTSE 100 businesses — argue that a vote to leave will hurt the British economy.

Similar letters have been released in the course of the acrimonious campaign. But Wednesday's letter is clearly meant to make the 1.75 million people employed by the signatories to think twice about their vote.

The letter says: "Britain leaving the EU would mean uncertainty for our firms, less trade with Europe and fewer jobs."

The companies represented include Barclays, Standard Life and Anglo American.

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The Latest on the British referendum on EU membership (all times local):10:50 a.m.A German economic think-tank says more than a third of industrial companies it surveyed in the country, Europe's biggest economy, fear that a British exit from the European Union would have...
EU,Britain,EU,The Latest
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2016-24-22
Wednesday, 22 June 2016 06:24 AM
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