The German Parliament forecasts that Brexit will cause substantially more economic damage to Britain than to the other 27 EU member states, according to a study obtained by Handelsblatt, a German news outlet.

Britain's GDP could potentially fall by up to 9.5% by 2030 compared to what it would have been if the country had remained in the EU.

"While the British economy will face considerable losses, particularly in the case of a hard Brexit, the effects will be limited for the EU 27," the study said.

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British Prime Minister Theresa May today formally triggered Article 50, the official notification of intent to withdraw from the EU.