Business will have to continue to “ride the wave of uncertainty” following the publication of the draft Brexit agreement, say business leaders.

Chris Ward, chair of the Cumbria brand of the Institute of Directors, called for the “febrile atmosphere to fizzle out quickly” so that clarity can be given to businesses on the future trading arrangements with the European Union.

His calls come after the draft Brexit plan – agreed by both the UK and the EU – said that future trading relations would “build on the single customs territory provided for in the withdrawal agreement”.

Both sides aim to have a close relationship when it comes to services, investment and cooperation on industry sectors, but has stressed that significantly more work needs to be done.

In the document, both pledge their “best endeavours” to have a long-term deal in place by the end of 2020.

The publication of the draft deal has led to a flurry of high-profile resignations, including Brexit secretary Dominic Raab, and led outspoken Brexiteer Jacob Rees-Mogg to submit a letter of no confidence in Prime Minister Theresa May.

Mr Ward said the political fall-out needed to clear quickly and called on the Government to move forward and build on the progress made.

“It’s difficult to see past the political repercussions,” he said.

“Like many others, we will be seeking clarification about several areas, in particular on the remaining detail for the future framework declaration.

“Business leaders have been desperate for this stage of the negotiations to reach a conclusion, and although it has taken longer than firms would have liked, there has been some definitive progress made between the UK and EU.

However, the volatile reaction in Westminster doesn’t bode well, and businesses must once again ride the wave of uncertainty.

“We need the current febrile atmosphere to fizzle out quickly, so calm and reason prevails, and we are all able to move forward. We can and will adjust to a new relationship with the EU, but businesses need an environment that allows them to do this in as smooth and orderly manner as possible.”

Rob Johnston, chief executive of Cumbria Chamber of Commerce, added: “With people’s livelihoods and the prospects for many companies in the balance, this is not the time for snap judgements.

“Businesses will be looking carefully and deliberately at the real-world implications of this agreement over the coming days and expect their elected representatives to do the same.”

Agreement appears to be been reached over the Brexit “divorce bill” which will run up to at least £39 billion, and the UK will have to continue to follow EU rules for the 21-month transition period after the UK leaves on March 29.

Free movement of people will continue to until a final agreement is reached – with protection for the three million plus EU citizens currently living, working or studying in the UK.