In the proud heartland of German engineering expertise, prosperity can no longer be taken for granted.
Last month, laser and machine tool maker Trumpf, an emblem of the country’s globally successful family firms known as the “Mittelstand”, swung to its first loss since the global financial crisis.
Within 24 hours, its home town of Ditzingen, in the wealthy south-western state of Baden-Württemberg, announced it was stepping up austerity measures. Local business tax, a key source of income, has cratered by 80 per cent since 2023, pushing the budget deep into the red for years to come.
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