Siemens could pull investment if UK leaves EU

By Rob Virtue on December 9, 2013 10:56 AM |

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Docklands-based firm Siemens UK has threatened to stop investing in UK factories if David Cameron pulls the country out of the European Union.

The German owned firm, which employs 13,000 people in Britain, said leaving the EU would be "disastrous" for manufacturers on these shores.

At a recent Sunday Times debate on the EU, Juergen Maier, managing director of Siemens UK, said: "It's tough enough as it is to convince my board in Germany to invest in the UK for manufacturing.

"I'm in competition with other European countries, I'm in competition with China.

"If we were not within the EU, Siemens would make it quite difficult for me to continue to invest in those factories."

The comments were picked up by the Liberal Democrats, which is supporting Britain's membership of the EU.

LibDem MEP for London Sarah Ludford said: "Thousands of jobs in London every year are created by foreign investors, for whom a crucial factor is the ability to export freely to the world's largest single market.

"If we did what UKIP and many Tories want and pulled out of Europe all together, we would lose that position and put crucial jobs and investment at risk."

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