No-deal Brexit very likely, says UK PM

London/Brussels, December 11

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Britain is likely to leave the European Union without a trade deal in just under three weeks’ time, British PM Boris Johnson and European Commission chief Ursula von der Leyen said on Friday.

Britain quit the EU in January but remains an informal member until December 31, the end of a transition period during which it has remained in the European Union single market and customs union.

Both sides say they want to agree arrangements to cover nearly $1 trillion in annual trade, but talks are at an impasse. European Commission chief von der Leyen told EU leaders that a no-deal was more likely than a deal, an official said.

“It’s looking very, very likely we’ll have to go for a solution,” Johnson said. After Johnson’s statement, pound dropped sharply against euro and dollar.— Reuters