German business group forecasts fall in exports to UK

A German business group is forecasting that Germany's exports to the UK will slip 1% this year and drop by 5% in 2017 following British voters' decision to leave the European Union.

The Association of German Chambers of Commerce and Industry said it previously predicted a 5% increase in exports to the UK this year but revised its assessment because of the pound's fall and the prospect of weakening investment.