David Burton The Chair of Coventry and Warwickshire's Brexit Club said:

"I am pleased that the Prime Minister has at last caught up with the requests of the Brexit Club at its meeting on 20th July, i.e. clarification of UK based EU nationals’ position post March 2019, and at least two years of transition following agreement of the partition terms to allow new logistics and customs procedures to be implemented by both sides. There are many other areas, for example cross border University co-operation, leisure travel and security that will need time to be refined following formal withdrawal.I hope that both sides are now determined to progress meaningful negotiations avoiding posturing and petty political points"

Dr Adam Marshall, Director at the British Chambers of Commerce said:

"In the world of business, the PM's Florence speech will be judged not on its rhetoric or delivery, but on whether it begins to break the stalemate that has left companies across the UK, Europe and around the world counting the cost of uncertainty.

"The Prime Minister's constructive tone and clearer offers, particularly on guarantees on EU citizens’ rights and UK contributions to the EU budget, represent an important and welcome effort to break the impasse of recent months, which has preoccupied many in the world of business. 

"The absolute priorities for business are to get trade talks moving, and to ensure a comprehensive transition period is in place that gives the certainty that companies need to take immediate investment and hiring decisions. It is our hope that the Prime Minister's offer will jump-start the process, and that the two sides can agree to move on to the critical issues of transition and trade as quickly as possible - and in all cases before the end of 2017. 

"Given the complexity of the changes ahead, a significant majority of businesses want a transition that is longer than the two years being proposed by the Prime Minister. We will challenge both the UK government and the European Commission over the coming months to agree a transition that lasts at least three years from the date of our formal exit from the EU, giving businesses enough time to prepare for a final deal.”