More than two-thirds of businesses want a transition period of at least three years after the UK leaves the European Union, according to new research.

In a survey by the British Chambers of Commerce, 46 per cent of the 2,400 respondents said it would be best for their business to have a transition period of three years, while another 22 per cent called for a transition period of more than three years.

The same survey found that 17 per cent of businesses wanted no transition period.

Asked to consider which option came closest to their view about what the UK's Brexit negotiation objectives should be, the survey showed:

• Two per cent said leave the Single Market and Customs Union, and rely on WTO rules for trade (leave without a trade deal with the EU)

• 34 per cent said remain in the Single Market and Customs Union

• 13 per cent said remain in Customs Union only (no hard borders or tariffs, but limited scope to negotiate trade agreements with third countries)

• 11 per cent said remain in the Single Market only (accept EU regulations and rules in return for full access to market)

• 28 per cent said a comprehensive Free Trade Agreement and a customs agreement

BCC director general Dr Adam Marshall said: "Our results make it clear that there are a range of business views on what the UK should be seeking in a final deal with the EU, but there is near-universal consensus that a deep and comprehensive agreement is needed.

"'No deal' isn't seen as a viable option. Businesses want a pragmatic settlement on the practical, real-world issues that affect their operations, not arbitrary political red lines.

"By more than three to one, businesses want a transition period on the way to a final agreement with the EU.

"This is critical to prevent firms facing the prospect of repeated, costly adjustments to new trading conditions.

"If companies have to change their business model once in 2019 and again several years thereafter, the competitiveness and investment potential of our firms will be undermined.

"Getting transition arrangements on the negotiations agenda as quickly as possible would give businesses, many of whom are considering big investment decisions now, the confidence to press ahead. "

For the research, 91 per cent of businesses surveyed were SMEs, 25 per cent operate in the manufacturing sector, and 75 per cent operate in the services sector.

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