The Institute of Directors is urging UK firms to step-up planning for a No Deal Brexit, after it emerged that over half of it members had still done no contingency planning for that outcome, despite the leave date extension to October.

fDi Markets, a Financial Times-owned database of cross-border investment, says Brexit uncertainty in the UK has boosted foreign investment into the EU's other 27 countries by 43% in the three years since the referendum; in the same period investment into the UK has fallen by 30%.

The predictable collapse of cross party Brexit talks has dismayed business leaders. Carolyn Fairbairn, CBI Director-General, said: "Another day of failed politics, another dispiriting day for British business. Six wasted weeks while uncertainty paralyses our economy. The May parliamentary recess should be cancelled and used to agree a deal as soon as possible — whether through indicative votes or the Withdrawal Agreement. Business and the country need an urgent resolution to this mess. This is no time for holidays. It's time to get on with it."

The Cabinet Office has indicated that some 20 consulting firms — including EY and Deloitte — have had their Brexit related contracts extended for another year, worth fees of £159 million, following the government's failure to meet any of its deadlines for leaving the EU.

Eight out of ten CFOs say they expect the long-term business environment to be worse as a result of the UK leaving the EU, according to Deloitte's latest CFO Survey. This is the highest level since the EU referendum in 2016. Pessimism about the short-term effects of Brexit remains elevated, with 49% of CFOs expecting to reduce their own capital expenditure and 22% cutting M&A as a consequence of Brexit. Around half (53%) of CFOs also expect to reduce hiring due to Brexit — the highest level in more than two years.