Brexit May Threaten $590Bln US Investment in UK

US companies which invested some $590 billion to Britain are reviewing their action plans due to concerns over UK possible loss of access to the EU’s single market after Brexit, Financial Times reported on Tuesday, citing the US Chamber of Commerce document.

MOSCOW (Sputnik) — "We believe the UK must continue to allow the movement of labour without overly restrictive barriers… In addition to ensuring that businesses in the UK will be able to employ EU nationals without undue bureaucratic burdens in the future, reassurances should be extended to the approximately three million EU nationals today in the UK, representing about 6.6 per cent of the workforce," the document reads.

According to the document, which is due to be submitted to the Britain’s Cabinet Office later this week, after leaving the European Union the United Kingdom will need "unfettered access" to the European market of goods and services to preserve and attract US investments.

The chamber expressed in the document its concern over whether UK regulations on various spheres could stay in line with EU rules and not create any additional barriers to business operation, as reported by Financial Times.

The US businesses are also worried about the consequences of Britain's losing access to skilled workers from the other EU countries.

On June 23, the nationwide referendum on EU membership was held in the United Kingdom, in which 51.9 percent of voters said the country should leave the bloc. UK Prime Minister Theresa May said she intends to trigger Article 50 of the Lisbon Treaty and, thus, begin the process of leaving the European Union by late March 2017.