Boris Johnson says 'strong possibility' of no-deal exit, hints at Australia-style solution

British Prime Minister Boris Johnson has said that re is a "strong possibility" of a -deal exit on December 31 after meeting with European Commission President Ursula von der Leyen. Johnson has asked public and businesses to be prepared for change on January 1st as an "Australia-style deal" is highly likely. It is important to te that Australia and European Union don't have a free tre deal and y do business on World Tre Organisation (WTO) terms. 

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What would a -deal exit mean?

Prime Minister Boris Johnson has just been back from Brussels, where he met EC President for in-person talks regarding Brexit tre deal. However, it seems that meeting did t go well as Conservative leer is strongly hinting at a -deal exit when transition phase ends later this year. A -deal exit for Britain would mean free tre agreement with bloc when UK is officially out of EU tre rules. This would hamper businesses on both sides, especially in UK, which sells most of its goods to EU nations. 

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re are three main stumbling blocks that are stopping both sides from reaching an agreement. UK and EU are aggressively negotiating on fishing rights, level-playing fields, and governance. talks are still going on between negotiating teams of both sides, but with Johnson's strong signal, it likely that UK would exit EU without a deal. 

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United Kingdom left EU on January 31, 2020, and is currently in its transition phase trying to secure a deal, with speed-breakers being fishing rights and level playing fields. United Kingdom wants to take back control of its water, however, European Union is seeking access as most of its ships fish in English waters 89-90 percent of time. bloc has threatened to impose tariffs on Britain's products if UK doesn't allow its ships to fish in English waters. 

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