Westminster was warned of a "disaster" for confidence in the UK if MPs squander the next six months and fail to find a resolution before the new Halloween deadline.
The extension to Article 50 agreed by Theresa May with fellow EU leaders removed the threat of a no-deal Brexit on Friday, but did not remove it as a potential outcome completely.
Carolyn Fairbairn, director-general of the CBI, tweeted: "This new extension means imminent economic crisis has been averted, but it needs to mark a fresh start.
"For the good of jobs and communities across the country, all political leaders must use the time well. Sincere cross-party collaboration must happen now to end this chaos."
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Dr Adam Marshall, director-general of the British Chambers of Commerce, said businesses will be relieved, "but their frustration with this seemingly endless political process is palpable".
"This extension buys Parliament some time to come to a consensus, but they can't afford to squander it. Politicians must urgently agree on a way forward", he said.
"It would be a disaster for business confidence and investment if a similar late-night drama is played out yet again in October.
