Berlin on Friday admitted a no deal Brexit would "complicate" trade for Germany and the European Union. Finance Minister Olaf Scholz claimed the German industrial sector would struggle to adapt to a return of border checks between the EU and Britain because of the deep commercial integration built up since 1974. Speaking to Bloomberg, the top German minister said: "If we look at the industrial sector and if you look at trade it’s much more complicated to have a solution for something which could be a hard Brexit.
"I think this should not be underestimated if we look at the economic development of the UK or also of the European continent because the world is a little bit different as most of the populace thinks.
"It’s already a global world and there are supply chains that are going all over the world and especially within the European Union, with no borders, and all the possibilities and chances and opportunities coming from that."
Mr Scholz added: "No one is prepared for a situation with a border between the United Kingdom and the European Union."
The minister's dire assessment comes days after German firms revealed they are beginning to panic because of the "fatal" consequences of a hard Brexit – a decision which they fear would trigger a "massive crisis" across the continent.
READ MORE: Germany TERRIFIED of Brexit: No deal could trigger ‘MASSIVE CRISIS' - 'UK is responsible'
Brexit news: Scholz admitted "nobody is prepared" for a no deal Brexit (Image: BLOOMBERG•GETTY)
The director-general of the Federation of German Industry, Joachim
