Everyone should worry about no deal, the civil servant who was, until March, head of the Brexit department has said.

Philip Rycroft, who resigned after 18 months, told the BBC’s Panorama no deal was “fraught with risk”.

The warning comes as the latest Deloitte survey reveals a dramatic fall in investment because of concerns of a no-deal Brexit.

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Hundreds of City workers are fearing for their jobs after Deutsche Bank, the global bank that is one of the Square Mile’s largest employers, said it plans to axe 18,000 staff worldwide in the latest attempt to revitalise its reputation and business.

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Senior executives at Metro Bank have been pushing chairman Vernon Hill to outline when he will step down amid fears about potential regulatory action, according to multiple people close to the bank.