Sajid Javid will meet key City figures tomorrow in a bid to persuade them that a no-deal Brexit could provide opportunities for businesses.

The chancellor is to hold a meeting with the bosses of financial powerhouses such as Barclays, Goldman Sachs and the London Stock Exchange Group on Monday, which will also be attended by City minister John Glen.

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Sky News reported that the chancellor will attempt to make the case that a no-deal Brexit could present opportunities for the business community.

Other invitees include Santander UK chair Baroness Vadera, Lloyd’s of London chair Bruce Carnegie-Brown and Sir Howard Davies, chairman of the Royal Bank of Scotland. Antonio Horta-Osorio, chief executive of Lloyds Banking Group, is also expected to attend, as is Paul Manduca, the chairman of insurance firm Prudential.

Business groups have hitherto been vocal in their opposition to a no-deal Brexit, with the CBI warning this week that fears about a no-deal Brexit were “clearly weighing down the economy” and “affecting businesses both big and small”.

The City meeting comes ahead of Javid’s fast-tracked spending review on Wednesday, in which the chancellor is expected to announce an increase in defence spending above the current 2.1 per cent level, as well as a £90m boost to bolster the UK’s diplomatic ties.

Meanwhile, the government’s ad campaign for boosting exports will receive a £60m cash injection.

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Yesterday Javid revealed that a £400m funding boost for further education in England for the year 2020 to 2021 would also form part of Wednesday’s spending review.

The Treasury declined to comment.