UK financial services businesses, including insurers, must give the Government as much support as possible so the country leaves the European Union with the best deal for its economy, according to KPMG.

Prime Minister Theresa May says the Government will initiate formal talks on the nation’s departure from the bloc by the end of March next year.

“In a negotiation process, something inevitably has to give,” KPMG Head of Brexit Karen Briggs said. “It’s vital that businesses are really clear with government about what the ramifications of possible exit scenarios might be, so negotiators are as well informed as possible about potential consequences and can press for the best possible terms.

“Government has repeatedly said it is going to make a success of Brexit, and business needs to play a part in achieving that.”

In negotiating exit terms the UK must consider the implications for its various industries, including the crucial financial services sector.

“The UK is a vital hub in European industries such as aviation, financial services… we are a major market for many EU businesses,” Ms Briggs said.

“In today’s globalised environment, trading patterns are complicated, nuanced and interlinked and the business community has an important role in explaining these complex relationships and interdependencies.”

Lloyd’s Chairman John Nelson says retaining access to the EU market should be part of the deal, or London’s insurance powerhouse status may be affected.

“We know this is what businesses here and in the EU want, and it is incumbent on us to ensure the Lloyd’s market remains open for EU business,” Mr Nelson said.

“Lloyd’s will always be centred in London and that is not about to change. However, it is important to us that we can continue to transact business in the EU.”