The Telegraph this morning is running a story about Siemens CEO Joe Kaeser saying they are committed to the UK (HERE) reversing an earlier report about a newly built wind turbine plant in Hull. But in keeping with much that has been written since the referendum it is not quite right.
Firstly, Mr Kaeser says it's far too early to reach any conclusion about the Hull site and at the bottom of the piece about Siemens plans to build a factory for railway rolling stock is the key concern:
"Less clear is whether any trains would be for the export market, and exports are what the UK vitally needs to plug a current account deficit of 7pc of GDP".
No one doubts we will still attract business to satisfy the domestic market but unless we export a lot more than we do we will be in serious trouble paying for imports.
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