The Telegraph has obtained a leaked audio recording of a briefing that Philip Hammond gave 330 business leaders during a conference call in the aftermath of Theresa May's historic Brexit defeat on Tuesday.

Log-in or subscribe to read the full transcript, including Mr Hammond's account of how Article 50 could be extended and no deal could be taken "off the table":

Philip Hammond, Chancellor of the Exchequer

I won't conceal the fact that the scale of the defeat this evening was a disappointment but not entirely a surprise.

I think the important thing is that the Prime Minister has responded to the vote this evening with a clear strategy to move to reach out to opinion across the House of Commons and to commit the Government to listening to the views of others in an attempt to establish what is needed to build a consensus in Parliament that allows us to deliver a negotiated deal.

We have made clear this evening that we will facilitate a confidence vote in the Government. Jeremy Corbyn has duly tabled a vote of no confidence which will be taken tomorrow. We are confident we will win the no-confidence vote. We need to do that in order to establish the Government's credentials as it were to take this forward.