EU heads of state extended the Brexit until 31 January - in principle - today via what was dubbed a “flextension”.

Reacting to the further postponement of the UK leaving the EU the Investment Association called for cooperation and certainty to protect UK savers.

Chris Cummings, chief executive of the Investment Association, said: “It is crucial that politicians on all sides use this extra time to put their differences aside and work together on a solution that protects UK savers, our economy and our international competitiveness.

“The investment management industry has been preparing for all potential outcomes, whether the UK leaves with or without a deal.

“However, after over three years of negotiations, investment managers, UK savers and businesses are more than ever looking for much-needed certainty.”

Explaining the ‘flextension’ EU Council president, Donald Tusk, said the policy meant the UK could leave before the deadline if Parliament approves the new EU deal agreed with PM Boris Johnson earlier this month.

MPs are to vote today on whether to hold a General Election in December.