THE boss of Siemens – which employs 500 people in Poole – has said the company will continue to invest in the UK despite warnings it issued ahead of the EU referendum.

But chief executive Joe Kaeser called on Theresa May to clarify the UK’s future relationship with Europe as soon as possible.

Siemens has administration and manufacturing staff at Sopers Lane in Poole, where it makes traffic lights and electronic road signage.

In April, it wrote to its 14,000 UK staff setting out its concerns about a Leave vote.

But Mr Kaeser told an event at the House of Commons that its position had been misunderstood.

“We’re staying because the UK is a good place to do business,” he said.

“We never said the UK is 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 US.”

He urged Theresa May to work out new arrangements with the EU in the common interest.

The company’s top management is meeting in the Cotswolds to devise its post-Brexit strategy.

Siemens is the first of Dorset’s major employers to row back from the warnings it gave ahead of the referendum.

Poole’s cosmetics giant Lush has said it will move production for mainland Europe to the continent, while JP Morgan has said it may move thousands of jobs out of the UK if “passport” arrangements for the banking industry cannot be continued.

In its letter to staff ahead of the vote, Siemens wrote: “Siemens believes that being part of the EU is good for UK jobs and prosperity and we have concerns about the possible effects of a vote to leave.”

Britain enjoyed “tariff-free access to the UK’s biggest export market”, common rules between 28 countries and access to EU-wide innovation and research.

“In addition to the benefits of EU membership, we have concerns about what Brexit could mean in practice,” it said.

“Most commentators agree that a Brexit would disrupt the economy in the short-term and we believe that uncertainty about the UK’s future relationship with the EU could have more significant and negative long-term effects.”

It said the UK would “remain an important market for us”, but said it could become a “less attractive place to do business”.

Here's Siemens letter to employees in full

Siemens is a major employer and investor in the UK, with a presence here that dates back over 170 years.

The choice in the forthcoming EU referendum is entirely one for the British people. However, the impact of ‘Brexit’ on the economy is a major part of the debate. As such, Siemens has decided to put our view on record, in a similar way to a number of other businesses.

Siemens believes that being part of the EU is good for UK jobs and prosperity and we have concerns about the possible effects of a vote to leave.

We see the main benefits of EU membership as: tariff-free access to the UK’s biggest export market; a common set of rules between 28 countries that reduce business costs; and access for British businesses and universities to EU-wide innovation and research initiatives, which are helping to shape the industries of the future.

These advantages help to make Britain a better place to do business, not just for Siemens, but for companies across our supply chain and beyond.

In addition to the benefits of EU membership, we have concerns about what Brexit could mean in practice. Most commentators agree that a Brexit would disrupt the economy in the short-term and we believe that uncertainty about the UK’s future relationship with the EU could have more significant and negative long-term effects.

In particular, a new trade deal with the EU could take many years to conclude and it is impossible to predict the terms that will be agreed and at what price. This uncertainty, and threat of increased costs, could make the UK a less attractive place to do business and may become a factor when Siemens is considering future investment here.

Finally, while Siemens does not see any upsides for our business from a potential Brexit, we also wish to make clear that the UK will remain an important market for us in the future.

In our view, however, a decision to stay in the EU would be the right one for Britain and for the economy, and it would make it far easier for Siemens to continue to invest in and grow our business in the UK.