Business owners express serious concern over the fate of their businesses as Article 50 is triggered today

Business owners are beginning to feel worried as Britain triggers Article 50 today to begin the formal exit process.

One of such is proprietor of a global manufacturer whose major share of its goods are exported to countries within the EU. As he is now insisting that Brexit challenges could force him to cut jobs.

Similarly, Simon Topman, CEO of Acme Whistles, claimed he was "sure" jobs would be lost due to the UK losing access to the single market, which accounts for 40 per cent of the business’ exports.

The chief executive of the Birmingham-based whistles firm alleged exiting the EU would “do damage” to the UK but in the longer term it would pick back up.

Speaking on the BBC, he said: “In the short term, it’s going to do damage and it’s going to make life difficult and expensive.”

Asked about likely job losses, he said: “I’m sure that it will. If our business in Europe, which is 40 per cent of our exports, goes down that has to translate into the number of people we employ.”

In the meantime, a new study has revealed that German firms are arranging to pull the plug on their British investments in the wake of Brexit.

The German Industries and Chambers of Trade group (DIHK) announced that British withdrawal from the EU would do "massive damage" to German companies with UK interests.

DIHK President Eric Schweitzer said: "Further declines in trade are to be expected in the coming months."

Four out of 10 German companies expect worse business while every tenth company plans a shift from investments in the UK to other countries.

The survey took place in February with a total of 2,200 companies - the 1,300 answers by companies with business relations with Britain have only now been evaluated.