Mark Carney, governor of the UK central bank, welcomed Prime Minister Theresa May’s proposed Brexit withdrawal agreement — but his colleague warned the UK may not recover the business losses it has already suffered due to political uncertainty.

In a hearing before Parliament on November 20, chaired by Conservative MP Nicky Morgan, MPs were warned by Michael Saunders, a member of the Bank’s rate-setting monetary policy committee, that under the current agreement it is very unlikely that the UK could claw back business investment now secured by the likes of France, Germany, Italy and the US.