They're FINALLY getting it! German economist admits serious ‘concern’ over ...

BREXIT fears have begun to take hold on the continent after officials from Europe's strongest economy have admitted their "concern" over a no deal exit for the UK.

PUBLISHED: 16:15, Mon, Sep 7, 2020 | UPDATED: 16:15, Mon, Sep 7, 2020

With Boris Johnson warning the UK will walk away from negotiations if a deal is not agreed in October, German economists have now revealed their fear over the ramifications to the economy. If the EU’s chief negotiator, Michel Barnier fails to come to an agreement with the UK, German Chamber of Industry and Commerce (DIHK) chief, Martin Wansleben, warned companies are now running out of time to make post-Brexit preparations. Mr Wansleben also admitted progress needed to be made in order for a deal to then be ratified by the EU Parliament before the turn of the year.

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He told the Funke-Media group: “The German economy is very concerned that the Brexit negotiations on future economic relations are still not making progress.

“Definitely, companies have to adjust to longer processing times at the borders as well as to customs bureaucracy and double approval procedures for products.

"The uncertainty among German companies is palpable - in a situation where they have already been shaken up by the corona crisis.”

In a bombshell announcement, the Prime Minister warned substantial progress must be made during this week’s round of negotiations.

Brexit news: Germany understanding ramifications of BrexitBrexit news: Germany understanding ramifications of Brexit (Image: GETTY)

Brexit news: Angela MerkelBrexit news: Angela Merkel (Image: PA)

If a deal is not agreed by the time of the next European Council summit on October 15, he insisted a free trade agreement will not be reached between the two.

He said in a statement: “The EU have been very clear about the timetable. I am too.

“There needs to be an agreement with our European friends by the time of the European Council on 15 October if it’s going to be in force by the end of the year.

“So there is no sense in thinking about timelines that go beyond that point.

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