Britain and the European Union struck a pessimistic tone in trade talks on Thursday, with a spokesman for Prime Minister Boris Johnson saying it was “very likely” there would be no agreement unless the bloc changed its position “substantially”.
Just over two weeks before Britain finally leaves the bloc’s orbit, European Commission President Ursula von der Leyen was also downbeat, saying it would be “very challenging” to overcome the “big differences” that remained.
An EU official, who declined to be named, said disagreements over fisheries were not yet resolved, and many more minor issues still required "polishing".
Parliament will begin its traditional Christmas break on Thursday having completed all the legislation required for the end of the current Brexit transition period.
Time is now in short supply to reach an agreement with the EU and we expect discussions will continue over the coming days.
India and Britain will push negotiations on trade ties, their foreign ministers said after talks in New Delhi on Tuesday, as both countries seek to restart economies battered by the coronavirus pandemic.
Trade and investment will be high on the agenda of Prime Minister Boris Johnson, who will travel to New Delhi in January, his first bilateral visit since taking office.
Under current plans, the four nations of the United Kingdom will relax restrictions to allow up to three households to meet at home for five days over Christmas.
During an update for his cabinet team, Johnson "re-emphasised the desire to reach a free trade agreement, but not at any cost, and reiterated any agreement must respect the independence and sovereignty of the UK".
British Prime Minister Boris Johnson will travel to India in January, his first bilateral visit since taking office, to try to strengthen trade and investment ties and work together on tackling climate change.
Since leaving the European Union in January, Johnson wants to promote what he calls “global Britain”.
Hackers believed to be working for Russia have been monitoring internal email traffic at the U.S. Treasury and Commerce departments, according to people familiar with the matter.
"We remain hopeful of reaching an agreement ... No deal is a possible outcome ... But we've been clear that we will continue to work to reach a free trade agreement,"
“The best thing to do now, for everybody, is to follow up all the work that has been done over the last four and half years, colossal amount of preparation at our ports, everywhere across the UK, get ready to trade on WTO terms, Boris said.
Morgan Stanley sees shares of UK banks falling 10pc to 20pc in a "no deal" scenario, given there is a higher chance the Bank of England would cut interest rates into negative territory.
The EU and Britain had cast Thursday's meeting as a chance to break an impasse in negotiations but both acknowledged there was a danger that a trade deal would elude them.
Johnson said that they have serious concerns about what is happening between India and Pakistan, 'but these are pre-eminently matters for those two governments to settle'.
Since last month, thousands of farmers, mostly from the Indian states of Punjab and Haryana have been protesting against the three farm laws passed by Prime Minister Narendra Modi’s government.