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The CBI has responded to Philip Hammond's speech at the CBI President's Dinner. 

Josh Hardie, CBI Deputy Director-General, said: 

“Businesses will welcome the Chancellor’s commitment to sound public finances at home and a smooth exit from the EU that will support our economy in this time of change. 

Companies will want to see transitional arrangements that prioritise protection of the free-flow of trade across borders agreed as soon as possible, and will also want to understand more about how continuity for companies can be secured until long-term arrangements can be established.

“A new migration system allowing firms to access the skills and labour they need to succeed globally is of the utmost importance as the UK seeks to renew its trading relationships around the world, and the Chancellor’s commitment to this will be warmly received. 

“We hope that companies up and down the country, of every size and every sector, will heed the Chancellor’s call to continue playing their part in promoting free trade, open markets and a business environment that will drive productivity and raise living standards for people living in all parts of the UK. 

“Now more than ever it’s critical that the whole of Government works in partnership with business to make a success of Brexit – that means putting economics before politics to safeguard our economy and prosperity for future generations.”

Read the Chancellor's speech here.