UK Prime Minister Boris Johnson has said there is “a strong possibility” the nation will fail to reach a trade-agreement with the EU after Brexit goes through in full on 31st December.
Widely reported on UK media, the PM said “now is the time” for businesses, companies and people to prepare for a no-deal outcome.
Talks continue between the UK and the EU, with Mr Johnson and EU Commission President Ursula von der Leyen giving each other till Sunday as a deadline for a firm decision to be taken about the future of talks.
Weeks of intense talks between negotiation officials from both the EU and the UK have failed to overcome key stumbling blocks in area such as competition rules and fishing rights.
Mr Johnson has pledged that British negotiators “would go the extra mile” to reach a deal, however he cautioned that the EU wanted to keep the UK “locked” into its legal system, or face penalties such as taxes on imports.
He further cautioned that such a provision would leave the UK forced into a “twin” relationship with the EU, and that he could not accept such terms.
The British PM acknowledged that the UK may have to prepare for an Australian-style option, where there is no trade deal with the EU.
Malta’s dramatic increase in cost of living: visualised
Price levels rising from 84 per cent to 93 per cent of the EU average
Malta’s contemporary Japanese restaurant Aki to launch in London this September
The London venue is a Grade II-listed former bank, a stone’s throw from Oxford Circus
Poland to trial 4-day work week, and Greece a 13-hour day. Where does Malta stand?
Europe is debating working hours across the board