02/07/2016 UK Europe Brexit
Planned Exports From Hull On Hold As Siemens Take Stock
Warning that uncertainty over EU relations means investment halted

Hull was to be major exporting hub
Although the new multi million pound manufacturing facility at Hull, that will produce turbine blades, is secure, its use as an export facility now seems to be in doubt as German giant Siemens makes one of the strongest statements yet on the future of trade, and principally exports to the EU following Britain's decision to exit the bloc.

Siemens employs around 14,000 people in the UK at 13 manufacturing plants and whilst Britian is 'still a good place to do business' its withdrawal from the UK changes the outlook for exports markedly. Speaking to the BBC Juergen Majer, Chief Executive said:

"We are concerned about what the future might hold in terms of new investments that we might want to make."

But as far as renewables and potential exports there are concerned, Siemens is not alone in sounding alarm bells.

Energias de Portugal-EDP said it could delay its Moray Firth project, and foresaw a 'two to three year hiatus' is projects across the board where international financing is central to them.

Companies who trade in Euros are particularly concerned about how a weak pound will affect their profits as they mainly buy their equipment in Euros, and as any one in the engineering industry knows, components from EU countries are almost exclusively used in most projects now. Coupled with the growth of renewable industries and markets in the EU and uncertainties now about funding as many projects were provided cash from the European Investment Bank.

All in all, the future for the renewables and exports seems to be a long way from being settled following the shock result of last week.