“While we welcome the fact that more flesh has been put on the bones of the proposed future UK-EU relationship, the reality is that the clarity and precision businesses need to plan for the long term can only be delivered when the details are hammered out and fully agreed. There are still big questions to answer - including whether businesses will be able to conduct trade between the UK and the EU without significant new barriers or costs.

“For business, this is just the end of the beginning of the Brexit process. Our trading firms will be paying close attention to what happens next, particularly as the proposals are debated in Parliament over the days ahead. Businesses remain deeply concerned about the potential for a political stand-off that leads to a messy and disorderly exit from the EU next March. 

“We have raised a number of important questions with the Government on behalf of business communities across the UK, and their responses will inform our continuing assessment of the proposed agreement and its implications for business, investment and the wider economy - as captured in our practical Business Brexit Risk Register.”