Senior representatives to warn prime minister that firms will assume and act on worst case scenario if no transition deal is achieved soon

British and European business leaders are to demand an urgent breakthrough on Brexit from Theresa May in order to salvage a transition deal from the stalled negotiations in Brussels.

The CBI and counterparts from France, Germany and Italy will meet the prime minister at Downing Street on Monday to warn that taking much longer to negotiate a transition agreement could render it useless because companies will soon be forced to assume the worst about the terms of Britain’s departure from the EU.

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