Boris Johnson has set out an October 15 deadline to strike a free trade deal with the EU, if a deal is not negotiated then both parties should “accept that and move on”, the Prime Minister said.
There has so far been little progress in negotiation talks, with various rounds of discussions held between the two parties which have seen roadblocks on issues such as fisheries and state aid. Talks are set to resume on Monday in Brussels.
If no deal is agreed, then Britain will have a trade relationship with the EU similar to Australia’s.
UK Brexit negotiator David Frost said Britain was not scared of a no deal exit at the end of the year. Previously, industry leaders have said that if no deal can be reached then this would spell disaster for the country, with tariffs imposed on goods sending costs for industry and consumers soaring.