BERLIN (Sputnik) — The decision of the United Kingdom to leave the European Union will lead to setback in German-UK trade and economic contacts, Eric Schweitzer, president of the Association of German Chambers of Commerce and Industry (DIHK), warned on Thursday.
"The companies will cut exports to the United Kingdom, reduce investments and curb business plans on the island, as potential protraction in trade raises fears," Schweitzer said.
Every fourth enterprise plans to cut its exports due to uncertainty, Schweitzer added, citing a survey conducted by DIHK.
"Over half of the companies expects the supplies to our third largest export partner to drop," Schweitzer noted.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.
