Britain says no deal with European Union the most likely scenario
Brexit
British Prime Minister Boris Johnson on Tuesday suggestedthat no-deal Brexit is looking like the only way out of deadlock with trade talks with the European Union. Officials from the EU recently acknowledged that some progress was taking place, but there are only two weeks left before UK leaves the EU.
Both sides want to secure a deal worth $1 trillion to dictate terms of trade beginning in 2021.
Talks between both the sides have missed multiple deadlines, with both sides acknowledging the lack of time. Both sides have shown rigidity in terms of the deal, stifling the scope of a breakthrough in negotiations.
According to his spokesman, Johnson told his ministers that he desires “to reach a free trade agreement, but not at any cost, and reiterated any agreement must respect the independence and sovereignty of the UK”.
Also read:UK: Retailers urge public not to stockpile food as threat of no-deal Brexit looms
"The prime minister made clear that not being able to reach an agreement and ending the transition period on Australia-style terms remained the most likely outcome but committed to continuing to negotiate on the remaining areas of disagreement”, the spokesperson added.
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Earlier on Sunday, European Commission President Ursula von der Leyen met Boris Johnson on Sunday in a bid to improve scope of talks, with EU diplomats claiming that a trade deal was still possible.
Both the sides are unable to reach a consensus regarding fair competition, fishing rights, and future disputes. The EU has set out its terms, but Britain refuses to abide by them.
Also read:Satisfied with movement in Brexit talks: EU chief Ursula von der Leyen
To protect its single market, the EU sees a level playing field as crucial. But Johnson does not wish to be tied down by EU rules, earlier claiming that he would “take back control”. Even though EU officials claim momentum in talks, British officials claim that there has been little to no movement in the talks.
Without a trade deal, a Brexit would hurt the economies of European countries, damage markets, and cripple supply chains in Europe.