Catherine McGuinness, chair of the Policy & Resources Committee at the government agency City of London Corporation, said that for the City of London, "the devil will be in the detail of the future framework agreement. It must recognize the huge economic contribution of the services sector."

She stressed that this should involve securing maximum market access, keeping Britain open to global talent and developing a framework for the British economy to prosper in the years ahead.

Mike Hawes, chief executive of Britain's Society of Motor Manufacturers and Traders, said the priority "must now be to restore business and economic confidence and re-establish the UK's reputation as a great place to invest."

He emphasized the importance of delivering a deal with the EU that is ambitious, maintains free and frictionless trade, and drives growth and innovation to meet shared environmental goals.

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