A recent research by the Institute of Directors (IoD) reveals that there still remains a high level of uncertainty on Britain’s plans for a post-Brexit relationship with the EU, which is holding businesses back from planning investments. Executives polled stressed on the need for Britain to work out agreements with the EU as a priority before signing trade agreements with other nations after Brexit.

According to IoD’s head of Europe and trade policy, Allie Renison, “To give businesses any chance of being ready for the new relationship by the end of 2020, the Government needs to be as clear as possible about what its intended destination is.”

For now, only 35% of businesses surveyed offers a certainty required to confirm planning and investment decisions. Meanwhile, 55% of companies are waiting for more clarity on Britain’s future relationship with the EU to start making their planning and investment decisions.

While there has been an uptick in business confidence after the Tories won the recent general elections, companies still await more details on a Britain-EU trade deal. The two regions have until the end of the year to negotiate deals before the end of the transition period.