Carolyn Fairbairn, CBI Director-General, said:
“The early signs are that, after 20 months of debate, a possible route back from the dangerous precipice of ‘no deal’ is in reach. Cabinet agreement on the proposals is a step forward.
“Firms’ top priority has long been to unlock a transition period to protect growth. Every day that passes means lost investment and jobs, hitting those most in need hardest. While compromises have had to be made, at last there is a potential way to avoid this. Time is almost up.
“More clarity on the final relationship is needed, and uncertainty remains high, but this is progress. Transition and the backstop are not attractive permanent solutions for either side, but should pave the way for more work on the future deal. This must secure frictionless trade, ambitious access for our world-beating services, and a say over future rules.
“The UK has had many months of discussion and division. There is still a long and complicated road ahead, so now is the time for decisions. And the first decision is to avoid no deal.”