Mr Drechsler insists what companies need is firmer certainty about future trading and customs arrangements with the EU.

“We are nowhere near such clarity”, he urges.

The immediate priority for businesses is a temporary transitional deal that kicks in as the UK leaves the EU. Only that will stop companies continuing to implement any Brexit contingency plans to relocate staff or offices, CBI warns.

Trade talks typically take years to complete; it took seven years for the EU and Canada to negotiate a deal. This is time that the UK does not have to spare, with 476 days left until Brexit day.

The EEF, which represents manufacturers, said the agreement was one step forward in a complex and long process.

EEF chief executive Stephen Phipson said: “We need to pin down the transition arrangements, which will be in place after March 2019, to ensure it’s business as usual for companies for as long as it takes until a final deal is reached.

“Until we get to that point, many businesses will need to prepare for any and every eventuality.”