"Negotiators on both sides of the UK-EU talks should aim to agree transitional arrangements as soon as possible", the CBI said in a statement.
Speaking at TheCityUK's annual conference, McFarlane said "fragmenting [London's] superior offering" in derivatives trading would lead to higher costs for businesses, and that the City must apply the "strongest political pressure" it can muster to ensure clearing was at the top of the political agenda. That is not possible.
Hammond, on the other hand - while stating it was not "legally possible" to stay in the single market or the customs union - also said that during the transition the United Kingdom should replicate "as much as possible of the existing arrangements, so that the shock to business is minimized". "That is not possible", Barnier told the EESC.
"Number two: There can be no sector-by-sector participation in the Single Market".
But he said it appeared that some of those on the British side have still not understood the EU's position and believe that they can hold onto the benefits of the single market while giving up membership.
Barnier has stressed that time is of the essence.
Business leaders are putting pressure on the British government to come up with transitional measures that would ensure free access to European Union markets after the March 2019 deadline for withdrawal.
"Even in member states, there was a sort of disconnect and social divide, and after the Brexit result not going into the sort of direction saying people who voted for Brexit don't really know any better - I think that is a really bad attitude to take, the wrong attitude".
The UK capital continues to "dominate the European investment landscape", said the CEO of London & Partners, Laura Citron.
He argued, "In my eyes, there would be no reasonable justification for the "no deal" scenario.there is no reason to further aggravate the consequences of Brexit".
Ian Larrard, director of Swindon & Wiltshire Initiative at Business West, called on the prime minister to heed warnings issued by the CBI about the potentially damaging effects of a "cliff edge" Brexit. We will have to negotiate agreements, those agreements will no doubt have implementation periods.
Turning around Mrs May's argument, he added: 'A fair deal is better than no deal'. "Let's prepare for Brexit but we are preparing for the future of Europe".
Germany's largest lender is considering creating a booking centre for non-UK transactions which are now reported through London, the person said on condition of anonymity because talks are ongoing and the plans not yet finalised. He insisted that European Union law and its common fisheries policy had already superseded the convention.style="text-align: center;"