UK and EU Exchange Warnings as Time Runs Out on Brexit Deal

The United Kingdom (UK) and the European Union (EU) have reportedly exchanged warnings on Monday that time is passing by without reaching a deal for the post-Brexit stage, as the transitional period expires by the end of the year, Reuters reported.

Recent negotiations that tool place in London over the weekend were reportedly quite difficult with massive disagreements remaining.

The UK is ready to reach a trade agreement with the EU but not at any cost, the British finance minister said on Thursday.

However, a frame for an agreement is reportedly in place, according to Rishi Sunak.

Sunak, who recently played down the effect of a no trade deal Brexit in an interview with the Financial Times, told reporters that “with a constructive attitude and goodwill on all sides we can get there.”

Meanwhile, the head of the European Commission, Ursula von der Leyen, said that the EU is ready for the possibility of a no deal Brexit despite genuine progress in negotiations.

The Prime Minister of Ireland, Micheal Martin, said last week that he is hoping the outline of a Brexit free-trade deal will come up by the end of the week, despite the continuous difference in opinions between the United Kingdom (UK) and the European Union (EU), Reuters reported.

Last month, Prime Minister Boris Johnson said that the time has come to be ready for a not reaching a trade deal with the EU.

According to Johnson, the European Union refused to negotiate seriously.

On the other hand, the Chairman of the EU summit, Charles Michel said that he is still working for a deal with London, but will not compromise on the main issues.            

Similarly, European Commission President Ursula von der Leyen said that there is still time to reach a deal between the two sides.

Earlier this month, Sunak said that significant progress has been achieved in trade talks.