Philip Hammond: Brexit uncertainty stalling corporate investment

Large amounts of business investment is being postponed because of uncertainty over the outcome of Brexit negotiations so Britain should seek clarity as early as possible over a transition arrangement, according to chancellor Philip Hammond.

“There would be a sigh of relief from business if we were able to get an early agreement on a transition arrangement,” said Mr Hammond.

“There is a large amount of business investment that is being postponed until business can see more clearly what the likely outcome of these discussions is. The earlier we can give business that reassurance the more quickly we will get businesses investing again.”