Responding to the Prime Minister’s Chequers statement, Stephen Martin, Director General of the Institute of Directors, said:

“Business has been waiting for the Government to present a united front, so the news that an agreement has been reached is very welcome. This seems a sensible approach to the dilemmas the UK faces in these negotiations. The proposals touch on many of the complex issues regarding customs, regulations, and the Northern Ireland border, while also highlighting the importance of the UK being able to develop an independent trade policy.

“Our members have wanted Cabinet to come together and put the interest of the country first, so firms across the UK will see this as a positive step forward. Today’s agreement, however, is not the end of the negotiations, and there is still much work to be done to reach agreement with the European Union. Time is still very much of the essence.

“The more clarity we have on the future trading relationship, the easier it will be for business to plan ahead. We hope today will turn quickly into progress in negotiations, and clarity for business on the path ahead.”