City firms are preparing for the UK to crash out of the EU with no trade deal, but are trying to keep as many jobs as they can here nonetheless, according to a new report from industry lobby group TheCityUK.

The analysis, conducted by law firm Freshfields on behalf of TheCityUK and published on May 8, found that UK-based financial services firms were basing their contingency planning on the basis that no bilateral agreement would be reached between the UK and the European Union during the two-year negotiation period.