Responding to the announcement of a Brexit deal, Jonathan Geldart, Director General of the Institute of Directors, said:

“For business leaders, this Christmas gift is better late than never.

“A deal can draw a line under what has been a tumultuous few years for companies. It provides a stable basis for the future relationship with our biggest market, and directors are eager to sift through the detail to understand what may change. The devil will be in the detail, but at least they can now put the political prevarication behind them and start to prepare properly.

“The clock is still very much ticking for businesses. There is very little time for directors to prepare their organisations. Guidance on implementing the mammoth text is urgently needed across government. Digesting what the changes mean in practice and adapting, in the middle of a pandemic and the festive season while border disruptions continue, is a huge ask.

“Wherever possible, changes should be phased in. Financial support for SMEs, such as vouchers for professional advice or tax reliefs to help them adjust, would help firms get on the front foot for the new year.”