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Trade talks between Britain and the European Union will resume later this week, Downing Street said.
A spokesman for Number 10 said the development had been sparked by EU negotiator Michel Barnier’s declaration in the European Parliament on Wednesday that both sides must be willing to compromise.
Britain left the EU in late January and entered an 11-month transition period, following EU rules and regulations while trying to negotiate a free trade deal.
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Talks about the future relationship between the two sides stalled last week, with Downing Street insisting there was no point in resuming discussions unless there is a change of position from the EU.
According to Number 10, Barnier’s speech represents a “fundamental” change in Brussels’ approach and the two sides have now agreed on a set of principles for an “intensified phase of the talks.”
Barnier told the European Parliament that an agreement was “within reach”.
“We will seek the necessary commitments from both parties to do everything possible to reach an agreement and we will do so until the last day that is possible,” he said.
“Our doors will always remain open until the end.”
In response to this, the spokesperson for Number 10 said: “As he [Mr Barnier] he clarified, “any future agreement will be made with regard to the autonomy of decision-making of the European Union and with respect to British sovereignty.”
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“Lord Frost [the UK’s chief negotiator] discussed the implications of this statement and the situation with Mr. Barnier today.
“On the basis of that conversation, we are ready to welcome the EU team to London to resume negotiations later this week.”
Fishing rights, the governance of any agreement and the so-called “level playing field”, which includes state subsidies, remain the main obstacles.
Downing Street said it acknowledges that “significant gaps” remain between the two sides and that it is “entirely possible that the negotiations will not be successful.”
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If no deal is reached, Number 10 said the UK would end the transition period “in Australian terms” meaning any trade the UK does with the EU will be subject to tariffs and quotas. It would not be a free trade agreement.
“It is essential now that UK businesses, carriers and travelers actively prepare for the end of the transition period as changes are coming, whether an agreement is reached or not,” the spokesman said.
Prime Minister Boris Johnson and Cabinet Office Minister Michael Gove addressed some 250 business leaders on Tuesday and told them the UK would prosper with or without a deal.
But one of the business figures on the call described it as “useless” and stated that “it was 23 wasted minutes of my life.”
Analysis: a deal may be closer, but that won’t make getting there any easier
By Ali Fortescue, Political Correspondent
Not a week has passed since the prime minister suspended the Brexit talks, Michel Barmier and David Frost are back in business. Yesterday the tone was changing, now formal talks are scheduled for the weekend.
It is a victory for the government that wanted a signal that the EU was ready to make concessions, but unlocking a deal will be less straightforward.
The main sticking points continue to be state aid, governance and, most importantly, fisheries. Both parties know that these negotiations cannot be lost in fishing, but for Emmanuel Macron and Boris Johnson it has become a symbolic issue that they cannot afford to lose.
The EU may come back to the table, but that won’t stop the French president from playing hard. The French have said “no” before, they could do it again.
A Downing Street spokesman said “serious loopholes remain” but the EU has “acknowledged” that they are serious about escalating talks and will treat the UK as an independent sovereign country.
A YouGov poll for Sky News found that 30% of companies are still poorly prepared for the end of the transition.
The President of the European Commission said today that “a lot of work is needed, there is no time to lose.”
But time is running out not just for a deal, but for companies to prepare.
A YouGov poll for Sky this week found that 30% of companies are still poorly prepared.
The government is asking companies to prepare for all eventualities, deal or no deal, but many have the feeling that we have seen this program before.
The withdrawal agreement hit the wire, as European negotiations often do, but here the two sides are further apart on some key issues.
A deal may be closer than a week ago, but that won’t make getting there any easier.
