On Monday afternoon both the UK and the European Union are in ongoing talks at Brussels for a final push, to try and clinch a post-Brexit trade deal. However, differences remain in three key areas which are fisheries, competition rules and the governance of a potential deal between the two.
A UK spokesperson confirmed that no compromise has been reached on these three issues and also said that time is in “very short supply” and that the UK was willing to negotiate until the last possible moment.
On Monday morning, with no deal in sight, the Sterling or GBP fell sharply against the dollar. It traded at $1.3230 during morning deals, a fall of 1.5% for the session.
Even if they strike a last-minute deal there could be problems as the UK put forward legislation. Not yet approved, that would override parts of the Withdrawal Agreement approved in the beginning of the year.
The European Union has said that it will not accept any new trade agreement until the UK government changes its position to fully comply with the accord that had previously been reached by the two parties in question.
Although the UK left the EU in January, it agreed to follow trade rules till the end of the year. However, new trade agreements have dragged on and it is feared that there will not be a new deal before the transition period ends.
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