One in ten German firms to cut UK investments: survey
One in ten German firms present in Britain plans to stop investing in the island nation even before it definitively leaves the European Union, an industry group survey published Tuesday found.
German firms believe Brexit "will seriously damage business with the United Kingdom," said Eric Schweitzer, president of the Association of German Chambers of Commerce and Industry (DIHK), which surveyed 2,200 internationally active companies.
Some nine percent of firms who have invested in the UK plan to shift investments elsewhere, with Germany and the rest of the EU the top choices.
Britain is the third-biggest export market for Germany after the United States and France, buying some 86 billion euros of goods in 2016. The DIHK estimates some 750,000 German jobs are dependent on exports to Britain.
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