Lobbyists representing some of the City’s largest companies are demanding a legal lifeline from European policymakers to ensure data can continue to be transferred between the UK and the EU in the event of a crash-out Brexit.

The International Regulatory Strategy Group, which is affiliated to lobby group TheCityUK as well as the City of London Corporation and is attended by representatives from the likes of BlackRock, Citigroup and Goldman Sachs, has urged the European Commission to introduce temporary arrangements to allow the personal information that companies handle to continue to be exchanged between financial organisations in the UK and EU after Brexit.