Reacting to news that Deutsche Bank is reviewing whether to move parts of its British divisions to Germany if the UK leaves the EU, University of Warwick economist Dr Dennis Novy said:
"It is now clear that Britain will have an EU referendum. Businesses do not like uncertainty. Not surprisingly, many – like Deutsche Bank – are reviewing whether they should stay in Britain or move resources towards continental Europe. The key question is: What would an 'independent' Britain look like? We don't know. It would certainly be a much weaker player on the global stage."
"The EU is Britain's biggest trading partner. A crucial driver is joint regulation that doesn't differ much across countries, for instance in product standards. But differences in regulation would almost certainly grow once Britain left the EU. This would mean increasing compliance costs for many businesses."
Notes to Editors:
Dr Dennis Novy is available for interviews.
Contact Lee Page, Communications Manager at The University of Warwick. Tel: +44 (0)2476 574 255. Mob: +44 (0)7920 531 221. Email: email@example.com.
Previous TV appearance by Dr Dennis Novy:
Communications Manager, University of Warwick
Tel: +44 (0)2476 574 255
Mob: +44 (0)7920 531 221