No Brexit Deal: Time is running out for Britain and the European Union (EU) to agree on a trade deal before Brexit goes into full effect. British Prime Minister Boris Johnson and EU chief Ursula von der Leyen; have been meeting via teleconference all week; but as Johnson heads to Brussels, the only thing that the two sides seem to agree on is a that a deal seems unlikely.
Britain formally left the EU at the beginning of the year; but they have remained in the single market and customs union since then. That, though, was as an informal member; the status of which comes to an end of the final day of 2020.
British political news pundits; have been saying that both sides are keen to make a deal; that would cover close to $1 trillion in annual trade; but neither seem able to agree on how to make that happen. If the don’t get a deal done; Britain will lose access to the zero-quotas and zero-tariffs that they now enjoy in the European single market.
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Johnson Putting on a Positive Face
Johnson appears to be taking the looming no deal in stride; saying that the solution that he has in place will be “wonderful for the UK.” While he admitted that the plan would be different from what was originally hoped for, he still believes that the British public will get behind it.
Rather than things getting better in light of meetings between the two major players, it seems as though the situation has worsened. Von der Leyen reportedly met with leaders of all 27 member states to update them on things; telling them on Friday that “prospects for a deal had worsened.”
All is certainly not yet lost, though; as von der Leyen and Johnson will continue to meet until Sunday in hopes of ironing out a deal that both sides can feel comfortable living with.
Much of the pressure seems to be on the British PM; as he needs to decide whether he can live with the deal offered or be comfortable with the economic costs associated with a “no deal.”
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