German firms are gradually moving their investments away from Britain following increased trade barriers after Brexit, DIHK Chambers of Industry and Commerce chief said on Monday.
The DIHK and the British Chambers of Commerce, BCC, had in a statement called for British and European Union negotiators to made a clear ground for trading businesses across Europe in their negotiations over Britain’s exit.
“Businesses are very concerned that Brexit will have a major negative impact,” Martin Wansleben, chief executive of the DIHK said in the statement, adding that Brexit could lead to additional bureaucracy, increased waiting times and stricter border controls resulting in higher costs.
“The terms of exit are still completely unclear. Many of our members are reporting that they are already shifting investments away from the UK in anticipation of these barriers,” he added.
Officials from Britain arrived Brussels on Monday to push the EU towards talks about their post-Brexit ties. The bloc, however, refused and would only accept if an agreement on London’s exit bill and other divorce issues are reached.