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According to The Sun, a Brexit committee will approve the decision to inform businesses to ready plans as early as next week, despite fears they could be spooked into moving work from Britain.

Business Secretary Greg Clarke has warned that this could spread “panic” among firms but given the drawn-out process, ministers believe there is no other choice, as an outline trade deal with European Union negotiators has to be agreed within three months.

HMRC has also warned there is a “systematic risk” because they were yet to speak to around 200,000 firms who may need to submit customs declarations for the first time in the event of a no deal scenario.

Now as uncertainties continue over the stability of the Brexit negotiations, Brussels is urging EU capitals to step up their crisis planning.