Some German Investors Weigh Pulling Funds From UK Amid Brexit Fears

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View London. (File) - Sputnik International
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Almost one in ten German investors are considering withdrawing funds from the United Kingdom over concerns Brexit will be bad for business, a local newspaper reported Tuesday citing findings of the Association of German Chambers of Commerce and Industry (DIHK).

MOSCOW (Sputnik) — After polling 2,200 firms in February, the association, which represents almost all German companies, found that 40 percent expected the next few months to be bad for business operations within the UK market, although their current assessment for doing business in Britain was "halfway solid."

"Almost every tenth enterprise is already planning reclaiming investments – although terms of the departure are far from being known," DIHK’s report read as quoted by the Frankfurter Allgemeine Zeitung.

German Chancellor Angela Merkel (L) and Swedish prime minister Stefan Loefven. (File) - Sputnik International
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UK Prime Minister Theresa May is expected to formally trigger the UK departure from the European Union this Wednesday, setting the clock ticking on two-year negotiations on exit terms between London and Brussels.

The UK government hopes to strike a more liberal free trade deal with the European Union to replace the existing single market membership, but DIHK’s expectations are that talks would last several years. Until then, German business in Britain will potentially see a rise in costs due to taxes, custom duties and bureaucracy on UK’s new border.

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