Siemens u-turn over Brexit implications

SIEMENS has said it will continue to invest in Britain, as the implications of the forthcoming Brexit continue to sink in.

The company, which employs 14,000 people in this country, had warned its workforce before the referendum that a vote to leave could force it to reconsider its activities in the UK.

Siemens works from 13 locations in Britain, and its railway businesses include maintaining the large fleets of Desiros for South West Trains and London Midland.

The new fleet of Siemens Class 700 trains for Thameslink is now coming into service -- the first train to carry passengers ran between London Bridge to Brighton on 20 June -- and Siemens has also invested in a rail training academy at Northampton as part of the Thameslink deal.

Although there had been concern that a vote for Brexit could lead to a reduction of Siemens activities in Britain, chief executive Joe Kaeser told a media briefing at the House of Commons that the UK 'continued to matter', and that this country continued to be a 'good place to do business'.

However, he added that clarification of the UK's future trade position was needed as soon as possible.

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