SOUTH West MEP Molly Scott Cato has warned the region to "brace for a post-Brexit exodus” of finance sector business following the triggering of Article 50.

Dr Scott Cato, who represents the South West and Gibraltar, said that cities across Europe are “ready to lure firms and their employees away from the UK as they face the instability and uncertainties that leaving the EU will bring.”

She said: “People tend to think of finance jobs as linked to the City but there are about 1.5 million finance jobs outside the British capital.

“The South West has many finance related jobs including back office jobs in Bristol and Bournemouth with around 37,000 of these jobs based in Bristol.

“The uncertainties over Brexit may push many firms to up sticks and move, and many EU countries are ready to receive them. Now that Article 50 has been triggered, the true extent of the Brexit shambles will be exposed.”

Statistics from a recent local business survey said that of 419 SMEs in Bristol, Bath, Gloucestershire, Swindon and Wiltshire, 57 per cent of exporters believe the impact of leaving the single market will be “negative” or “very negative”.

A previous study also suggested that Bristol is one of three cities in the South West topping the like of those in the UK exporting to the EU.

Dr Scott Cato said that “businesses feel in a state of limbo, unclear about what the future holds and deeply concerned by potential tariffs and extra paperwork."

“Leaving the EU was meant to be about taking back control.

“For many businesses in the South West, they are losing control. It is clear businesses are also rapidly losing confidence in this government to deliver a Brexit that works in their interests.”