Square Mile says businesses will start activating contingency plans in 2018 as Philip Hammond tries to calm fears

The City of London has warned that businesses will start activating Brexit contingency plans unless there is a transitional deal by the end of 2017, as Philip Hammond tried to calm fears that a final agreement may not be reached for another year.

Catherine McGuinness, the most senior policy official at the City of London Corporation – the local authority for the Square Mile – told the chancellor on Wednesday that time was running out a deal to ease the UK’s exit from the EU.

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