Business leaders have urged the Government to take immediate action amid fears that Brexit was in danger of “spinning out of control”, paralysing British industry and dealing a devastating blow to the economy.

They also demanded ministers protect “thousands of valued European employees” fearing for their futures in a Britain outside Europe.

The alarm was raised as the Government’s strategy for Brexit sat in tatters after the High Court ruling that Theresa May cannot trigger Article 50 of the Lisbon Treaty, starting the process of leaving the European Union, without first consulting Parliament. Businesses said they were putting investment decisions on hold, delaying expansion plans and holding off on hiring new staff in response to the decision.

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