Carolyn Fairbairn, CBI Director-General, said:
“This is grave news, with potentially far reaching consequences for businesses on both sides of the Irish Sea and English Channel. The spectre of no deal looms ever larger while investment continues to drain away from UK.
“Employers and employees alike deserve better. Both sets of negotiators owe it to the citizens they represent to get back around the table – and quickly.
"Negotiators should be in no doubt of the seriousness of no deal. We know factory owners are considering cutting working hours and temporary shut downs, finance firms are mired in legal uncertainty about essentials such as travel insurance, and retailers struggle to see a path through chaos at Dover and elsewhere.
“Securing the Withdrawal Agreement remains urgent to provide firms with essential – albeit temporary – relief through a transition period. Negotiators must act swiftly.”