'UK would lose single-market access after Brexit' - German minister

Germany’s finance minister, Wolfgang Schauble, has slammed the door on Britain retaining access to the single market if it votes to the leave the European Union.

In an interview in a Brexit-themed issue of German weekly Der Spiegel, the influential veteran politician ruled out the possibility of the UK following a Swiss or Norwegian model where it could enjoy the benefits of the single market without being an EU member.

“That won’t work,” Schauble said. “It would require the country to abide by the rules of a club from which it currently wants to withdraw. If the majority in Britain opts for Brexit, that would be a decision against the single market. In is in. Out is out. One has to respect the sovereignty of the British people.”

The German conservative’s intervention seems to rule out the “reverse Maastricht” option floated privately by some British MPs and government sources, whereby pro-remain MPs in Westminster could use their parliamentary majority to retain access to the single market after a British exit from the EU.

Their first target is likely to be to try to ensure that despite a Brexit the UK could remain in the single market by joining the European economic area, of which the non-EU countries Norway, Lichtenstein and Iceland are currently members.

The single market – to which Switzerland also has access despite not being a member of either the EU or the EEA – guarantees the free movement of people, goods and services inside the bloc.

Supporters of the British Leave campaign argue that it is in Germany’s economic interest to maintain barrier-free trade relations with the United Kingdom. Britain is the third largest export market for German car manufacturers, and the destination of around 7% of total German exports.

Until recently, the assumption in Berlin’s political circles had been that Schauble’s finance ministry was more open than others to the idea of keeping open a back door for renegotiating some form of associate membership for Britain after an out vote.

But the interview in Der Spiegel, which will be published on Saturday, indicates a less flexible stance.

Some British MPs and government sources have hinted they could use their parliamentary majority to retain access to the single market after a British exit from the EU

“Europe will also work without Britain if necessary,” Schauble said. “At some point, the British will realise they have taken the wrong decision. And then we will accept them back one day, if that’s what they want.”

“We are preparing for all possible scenarios to limit the risks,” he added.

While warning that it would be a “miracle” if there were no economic drawbacks for Britain following a withdrawal, Schauble also admitted that a Brexit could have dramatic consequences for the rest of the European Union.

The 73-year-old said it could not be ruled out that other countries could follow Britain’s lead after the referendum on 23 June: “How, for example, would the Netherlands react, as a country that has traditionally had very close ties to Britain? It is important for the EU to send the message that it has understood the vote and is prepared to learn from it.”

Schauble’s comments come on the same day that German chancellor Angela Merkel repeated her hope that Britain would vote to remain in the EU.

Der Spiegel, which sells around 800,000 copies per issue, has upped its circulation in the UK for Saturday’s special bilingual edition, and reduced the cover price from £5.20 to £2. The cover carries the headline in German and English: “Please don’t go!”

In an editorial, the magazine argues that while it is too late “to convince the British to love the EU, perhaps we should use this opportunity to mention how much the rest of Europe admires them. It’s unbelievable that they don’t seem to see how much they’ve shaped the continent, how much we value them here, how close we Germans feel to them”.

“Germany has always looked across the Channel with some degree of envy,” it adds. “On our emotional map of Europe, the Italians were responsible for love and good food, the French for beauty and elegance and the Brits for nonchalance and progress. They have an inner independence that we Germans lack, in addition to myriad anti-authoritarian, defiant tendencies. A lot of what happened in Britain spilled over to us sooner or later, reinforcing our cultural ties.”