Time to turn Brexit speeches into treaties, EU's Juncker says

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"We're stuck inside a Customs Union".

Jens Stoltenberg, Secretary-General of the US-led North Atlantic Treaty Organisation alliance said the attack was "horrendous".

Barnier meanwhile said a whole range of options for third-country cooperation were on the table - the European Union has previously cited trade deals of the type it has with Canada and South Korea.

"A trade agreement would in any case mean border controls and customs clearance, even if both sides do not impose customs duties".

British Prime Minister Theresa May - who has bowed to nearly all of the bloc's Brexit demands - should follow the President's "lead" and take a tough stance in negotiations, Mr. Farage added. The BDI indicated that the most preferred option is that the country remains in the customs union and the single market - something the British government has already rejected.

While trade figures show Russia accounts for less than 1 percent of British imports, London is of major importance for Russian companies seeking to raise capital and since the 1991 collapse of the Soviet Union has become the Western capital of choice for many Russian business leaders.

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However, the report also underlines that the next long-term budget, also known as the Multiannual Financial Framework, should significantly increase funding for research, the popular Erasmus+ programme, the fight against youth unemployment, and support for small and medium-sized enterprises. German carmakers and suppliers employ about 9,000 people in the United Kingdom at 95 different sites.

Mr Juncker today said the draft proposals should not come as a surprise or shock, suggesting it "translates faithfully" the agreement reached between British and European officials late previous year to avoid a hard border.

"Our companies need reliability", Lang told the press here as he presented a list of the BDI's key priorities for a post-Brexit deal with Britain.

A report by the group said: "These increased costs and the uncertainty threaten to reduce profitability and pose existential threats to some companies". "If the European Union summit does not provide clarity, then some companies will be forced to trigger their contingency plans", he added.

BDI chief Lang didn't say what measures German firms' contingency plans would include. But Lang said that foreign direct investment flows to Britain had already slowed a year ago and that German exports to Britain had fallen in 2017.