EU leaders have agreed to offer the UK an extension of article 50 until 31 October, which Theresa May has accepted. Catherine McGuinness, Policy Chair at the City of London Corporation said:

“Sustained uncertainty is leaving business with its hands tied, reluctant to make everyday decisions on recruitment, expansion, and investment. While we welcome the avoidance of a catastrophic no-deal Brexit for now, a long extension should not mean we continue to kick the can down the road.

“Day by day, as uncertainty persists, so does the threat of more businesses moving jobs and operations away from the UK. It is vital that politicians in the UK and EU come together to agree a withdrawal deal that puts people and business first and provides much needed certainty.

“Only then can we move on to the critical negotiations around our future relationship with the European Union. This should involve securing maximum market access, keeping Britain open to global talent and developing a framework for the UK to prosper in the years ahead. Above all, we must recognise the vital contribution of the services sector to a thriving economy.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk