By Lizzie Robinson: ITV News Royal Producer
The King of Spain has warned that Brexit negotiations must keep “uncertainty to a minimum” for businesses.
King Felipe addressed a Business Forum at Mansion House this morning and praised the economic and trade ties between Spain and the UK.
He said that trade between the two nations exceeds 30 billion euros, making the UK Spain’s third largest export market for goods and services.
He added that the UK is the top nation for foreign investment by Spanish companies. The most recent data shows that it surpassed 82 billion euros in 2015.
But the King warned that the UK’s decision to leave the EU has “generated uncertainty and doubts for our companies, businesses and especially small and medium sized enterprises”.
He went on: "We must make sure that the current negotiations reduce this uncertainty to a minimum.
“It is extremely important that the future framework of our relations establishes the conditions for a close economic and commercial relationship trying to minimise future obstacles and barriers.
“The vitality of our trade and investment clearly shows that both nations have made the right choice by decisively committing to opening up our economies.
“The UK has always been an earnest champion of the openness of its economy and has also been a pioneer in the introduction of a wide-ranging programme of economic liberalisation; a model that has been greatly followed by other nations.
“Over the past decades, Spain has followed the same course. The common commitment to open trade and investment must continue.”
The King, who is on a three day state visit to the UK, also met the Prime Minister Theresa May at Downing Street.
Later he will be hosted at the Guildhall in the City of London for a banquet.