The City's top lobby groups have told the government to get on with securing a Brexit transition agreement with Brussels — showing that anxiety remains high barely a month after Prime Minister Theresa May pledged a two-year bridging period at her speech in Florence.

In a letter to the Chancellor of the Exchequer, Philip Hammond, the City of London Corporation said clarity on a transition to future trading arrangements was needed by the end of the year, or companies would start shifting larger portions of their business from the UK than might ultimately be necessary.