With a year to go until the Brexit transition, things are not as bleak as they were.

Britain and the EU have displayed some willingness to concede ground to make negotiations work- losing passporting rights for UK financial institutions and Britain being allowed to cut new deals during the transition period.

It is almost certain that there will be costs to British companies in any trade with the EU after any deal is agreed, so that Brexit uncertainty continues to weigh on UK companies.

The timetable is tight for the “political agreement” planned for later this year on a future trade deal, and Parliament has not yet voted on leaving the customs union or the single market.

But amidst the chaos, there is hope that companies on both sides will have something to work with. That’s some degree of comfort for finance directors tasked with planning for the future.