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Talks about a post-Brexit trade deal will continue through the weekend, with both sides saying the chances of a deal remain at stake.
Downing Street and the European Commission said the negotiations were still ongoing, but that significant differences remained on fishing and the rules of the playing field.
The European Parliament has been pushing for a deal to be reached on Sunday so that any deal can be ratified before the current Brexit transition period ends on December 31.
However, it is believed that EU leaders could sign an agreement on a deal agreed beyond that point on a provisional basis, with formal ratification taking place in the new year.
MPs are looking forward to returning to Westminster from their Christmas break if an agreement can be reached later in the year.
EU chief negotiator Michel Barnier sought to break the deadlock in what he described on Friday as the final hours of talks with a new proposal on EU fishing access in British waters, after Boris Johnson called on Brussels move to seal a deal.
After meeting with advisers to the EU heads of state and government and fisheries ministers, Barnier engaged in late-night discussions with UK negotiators led by David Frost in what he described as a ‘moment of truth’ .
Johnson had admitted on Friday that it would be “difficult at first” if the UK were forced to trade on the terms of the World Trade Organization (WTO) from 1 January, but insisted it was time for the EU. advance into what is now. the biggest stumbling block.
If no deal is reached by December 31st, the UK will leave the single market and customs union and start trading with the EU on WTO terms. The imposition of tariffs could potentially lead to higher prices in stores.
Even with an agreement, there will be major changes to the border starting on January 1 with new customs controls. Long delays are feared if companies are not adequately prepared for the new rules.
The Commons Brexit committee voiced significant concerns on Saturday about the UK’s readiness to leave the EU less than two weeks before Brexit day.
He said in a report that decisions had been made too late and communications with companies had been spotty at best.
Committee Chair Hilary Benn said the government was still unable to provide businesses, merchants and citizens with certainty about what would happen.
“With only seven business days left until the end of the transition period, significant concerns remain,” he said. “At this late stage, the government must be ready to implement contingency plans when necessary to mitigate the effects of any disruption.
“Failure to do so would mean the worst possible start to the new year for many people and companies who are already going through the most difficult times.”
