In a recent survey of over 900 members of the Institute of Directors (IoD), 64% of the directors of small and large firms alike said that European Union (EU) market access is important to their organisation, while 80% said that it is important for the economy.

Most business leaders think that the UK should have some flexibility on setting different import tariffs to the EU from next year, but only 20% say they want to completely move away from the EU on tariffs, and only 25% believe there is enough time for the UK to negotiate a satisfactory new trading relationship with the EU.

Allie Renison, head of Europe and trade policy at the IoD (pictured), said: “The Government has set out clear political guiding lines for the Brexit negotiations.

"Within these, it has to be ambitious in pursuing the space where market access can be maximised for businesses.

"This is not a ‘one size fits all’ negotiation; the benefit of regulatory alignment does vary by sector, so the Government must show that it is prepared to work with business on the detail.

"Adjustment is inevitable, but it has to be delivered in a balanced way, with co-operation on implementation to ensure that any changes are sustainable.

"Given that uncertainty over our trading status with the EU continues to be a top concern facing directors, getting this balance right is critical to ‘Global Britain’ succeeding at the first hurdle.”