Siemens backpedals on Brexit pessimism

THE chief executive of Siemens has backpedalled on earlier claims that the Brexit decision would materially affect further investment in the UK by the energy giant.

Earlier this month, Siemens said that it would be putting plans on hold to export from its £310m manufacturing hub in Hull, which will employ 1,000 people upon completion.

A final investment decision on this move is due by the end of 2017.

“We’re here to stay,” Joe Kaeser, Siemens chief executive, said in London on Monday. “The UK matters with or without being a member of the EU.”

He did however say it would be uneconomical to trade to Denmark or Germany following the decision.

Siemens employs 14,000 UK staff, and has a history here stretching back 70 years.