Philip Hamond wants to assemble a squad of experts to navigate through the Brexit process

Whitehall is trying to lure the City’s top talent to its Brexit team to build a 300-strong army of trade experts by the end of the year.

In an admission of the government’s yawning skills gap, officials have turned to law firms and consultancies such as Linklaters and McKinsey for talent to handle the complex task of leaving the EU and inking new deals.

Ministers are also believed to be preparing a battery of measures to persuade business leaders not to scrap investment and to take advantage of sterling’s slump. Last week they descended en masse on Farnborough air show to meet industry bosses.

The government is expected to promise a bonfire of red tape to lure new overseas investors and boost flagging economic growth.