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Brexit is likely to have a negative impact on the business between Germany and the UK, the German DIHK Chambers of Industry and Commerce said on Tuesday, adding that a trade and cooperation agreement with Britain can only partially offset the downturn.

Additional takeaways

“60% of German companies consider their current business situation in Britain to be bad and 57% expect further deterioration this year.”

“Customs bureaucracy, logistics problems, legal uncertainties and an increase in tariffs are the main challenges German businesses face after Brexit.”

“One in six companies plans to shift investments from Britain to Germany and other EU countries.”