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LONDON: Britain is likely to complete its trip outside the European Union in three weeks without a trade deal, British Prime Minister Boris Johnson and the head of the European Commission Ursula von der said on Friday (December 11). They read.
Britain left the EU in January but remains an informal member until December 31, the end of a transitional period during which it has remained in the EU’s single market and customs union.
Both sides say they want to agree to arrangements to cover nearly a trillion dollars in trade annually, but negotiations are stalled, and Britain may lose tariff-free and quota-free access to the huge European single market.
“It seems very, very likely that we will have to find a solution that I think will be wonderful for the UK. We will be able to do exactly what we want from 1 January. It will obviously be different from what we set out to do.” “Johnson told reporters.
“If there’s a big deal, a big change in what they’re saying, then I have to say I haven’t seen it yet,” said Johnson, the face of the ‘go away’ campaign in Britain’s 2016 Brexit referendum.
He later met with Chief Minister Michael Gove and officials to assess the country’s readiness for a no-deal exit, a government official said.
READ: No deal on Brexit trade is more likely than a deal – EU Commission head
Von Der Leyen was quoted by an EU official as telling leaders of the bloc’s 27 member states who attended a summit in Brussels on Friday that prospects for a deal had worsened.
“The probability of a non-agreement is greater than that of an agreement,” the official said on condition of anonymity.
Johnson and von der Leyen have given negotiators until Sunday night to break the deadlock over fishing rights and the EU’s demands that Britain face the consequences if it deviates from the bloc’s rules in the future.
Johnson must decide whether the deal being offered is worth taking or whether the future freedom and domestic political benefits that come from leaving without one outweigh the economic costs.
A Brexit without a trade deal would damage Europe’s economies, send shock waves to financial markets, entangle borders, and wreak havoc on the delicate supply chains that stretch across Europe and beyond.
NO DEAL?
As EU leaders lined up to warn of the failure of the talks, investors began to weigh the risk of a chaotic end to the five-year Brexit crisis.
UK stocks fell, eurozone government bond yields fell and the British pound fell about 1% against the dollar and the euro.
Italian Prime Minister Giuseppe Conte said fundamental issues remain unresolved in trade talks.
“Time is running out and we have to prepare for a hard Brexit,” he said, referring to an abrupt break in trade deals.
EU leaders on Monday rejected Johnson’s proposal for a Brexit call with German Chancellor Angela Merkel and French President Emmanuel Macron, EU officials said.
Johnson is under pressure from Brexit supporters in Britain not to give in to any demands from the EU that they say could undermine his promises to regain British sovereignty.
Macron is also facing internal pressure, with French fishermen urging him to ensure that the EU upholds their fishing rights.
When asked by a journalist about an EU proposal for a one-year contingency plan, according to which EU fishermen would maintain access to Britain’s fishing waters, he said: “I am not asking for my cake and eat it, No. All I want is a cake worth its weight. Because I won’t give up my share either. “
The Bank of England said it had taken steps to keep banks lending until 2021 as Britain prepares for any market disruption due to a big shift in trade relationship with the EU, while also dealing with the COVID-pandemic. 19.
