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Brexit Article 50: Stop the clock, business bosses tell Theresa May

Alarmed business leaders today warned they were having to plan in a “fog of confusion” because politicians had once again failed to end Brexit uncertainty after three years of bitter feuding.

Many called on Prime Minister Theresa May to “stop the clock” on Article 50 to give her more time to secure a Brexit deal that would minimise damage to the British economy.

Restaurateur David Page, the former boss of Pizza Express, said: “Parliament’s role is to provide a just and stable economic and social environment for businesses and workers.

“‘They only had one job’ as the joke goes — only now it’s no joke.” With the deadline for Britain’s departure from the EU now just 72 days away, Catherine McGuinness, policy chief at the City of London Corporation, told BBC Radio 4’s Today programme that “phenomenal” sums had already been spent on planning for a hard Brexit “that could have been spent on the real economy and jobs and growth.” Jasmine Whitbread, chief executive of business campaign group London First, said: “With the Prime Minister’s deal dead in the water, we need to stop the clock and revoke Article 50 to avoid a disastrous no-deal Brexit.

“A vote of no confidence is unlikely to achieve much apart from further delay. We urge the Government and parliamentarians on all sides to step back from the brink and agree a way forward quickly. If the Government can’t come up with a plan that commands parliamentary support, the decision should go back to the people.”

Chancellor Philip Hammond and Business Secretary Greg Clark made a conference call to officials from business groups after last night’s Brexit vote to discuss the next steps.

But Stephen Martin, director general of the Institute of Directors, said businesses were having to plan in a “fog of confusion”.

He added: “We are only two months out from leaving the EU and firms still do not know basic information such as the processes they would need to comply with for day one of no deal. This alone makes letting the uncertainty carry on simply unacceptable.”

The view was echoed by one of business’s most outspoken Brexiteers. Private equity tycoon Jon Moulton told Today that the Government could “get rid of the most of the uncertainty” around Brexit by deciding to exit the EU “probably in June or September rather than March with a list of agreed items”. Then there would be a list of things that could be deferred for up to 12 months and the country could “get on with life”.

Leading figures in the property sector said that last night’s landmark Commons defeat would leave the London market “in limbo” and supported by foreign buyers looking for a bargain.

Guy Bradshaw, head of residential sales at agents UK Sotheby’s International Realty, said: “US buyers have been achieving discounts of up to 25 per cent due to favourable exchange rates, and in recent weeks we’ve also seen an increase in buyers from Europe who are looking to exchange before the end of March. Belgian, French, Italian and Dutch buyers are looking to get their money into London before the UK officially leaves the EU as they continue to see the market as a safe haven.

The financial markets remained calm, with sterling up 1.43 cents at $1.2874 and the FTSE-100 drifting down only 9.47 points to 6885.55.

Bank of England Governor Mark Carney said the rebound in sterling was a sign markets believe Brexit could be delayed. In a hearing with MPs on the Treasury Select Committee, he added the rally appeared to reflect expectations “that the prospect of no deal may have been diminished”.