Brussels shows no interest in finding “long-term solutions” to Brexit and could ignore the interests of European Union business, a leaked memo to financial leaders has warned.

There is just a “one per cent” chance of the EU agreeing to start discussing a trade deal in October as the UK wants, according to a source quoted in the note.

There is also no appetite for creating a “bespoke” transition deal that will allow Britain to retain the benefits of EU membership for years after formally leaving, it is warned.

The "sobering" analysis is contained in a 1,200 word memo from Jeremy Browne, the special representative for the City of London to the EU, which has been leaked to this newspaper.

It was circulated to around 350 executives at financial firms after Mr Browne held a series of meetings in Brussels on Monday and Tuesday.