Siemens (www.siemens.com) has confirmed that it will continue to invest in the UK, despite earlier warnings from the German industrial giant that a vote to leave the EU could affect its activities here. Chief executive Joe Kaeser told a number of media organisations that the company remains “fully committed” to manufacturing in the UK, where it has 13 plants and employs around 14,000 people.

Speaking at the House of Commons, Mr Kaeser said: “We’re here to stay!” He added that the UK “continues to matter” and remains “a good place to do business”, whether it is inside or outside the EU. “The Brexit vote will not diminish our commitment to your country. Siemens will not leave the next generation
behind.”

However, he called on the new Prime Minister to “clarify the UK’s trade position as soon as possible to give business some certainty. This will reduce both reduce investor uncertainty and create a clear road-map to encourage future investments.”

Earlier this year, Siemens had warned of the “significant and negative long-term effects” of leaving the EU and said that future investment could be “adversely affected”. In the spring, it told its workforce that increased costs and uncertainty could make the UK a less attractive place to do business in. It also warned that its plans to build wind-turbine blades at a new facility in Hull were being put on hold, but Mr Kaeser now says that this investment will continue and will be used to meet “local demand”. The £310 million manufacturing hub will employ about 1,000 people.

Speaking to The Daily Telegraph, Mr Kaeser claimed that the company’s earlier warnings were “misunderstood” in the heat of the referendum campaign. “We never said the UK would be in bad shape if it leaves the EU; we said the EU would miss a massive opportunity. Without the UK, the EU may never be able to stand up against superpowers like China and the USA.”