UK Chambers of Commerce president on Brexit

The president of the British Chambers of Commerce said the ambiguity over the terms of a trade deal between Britain and the European Union will affect the country's businesses, intensifying the pressure on the economy amid the pandemic.

Baroness Ruby McGregor-Smith told Sky News on Sunday that the UK needs a deal as soon as possible, so "we can actually start to grow as businesses."

"There could be some significant job losses and that on top of lack of government support after March, as we come out of the pandemic. And I would urge the government to look at the support all businesses need as we come out of this and also give us more time to prepare as we leave the European Union," she said.

Facing yet another self-imposed Brexit deadline on Sunday, the chief negotiators from the European Union and United Kingdom were making last-ditch efforts to bridge differences on a trade deal that have proved insurmountable for the best part of the year.

So far, the UK hasn't backed down from its insistence on trading with the 27-nation bloc with as few restraints as possible, and the EU isn't yielding on its demand to accept trade only if Britain respects the rules of the bloc.

Labour politician Steve Reed criticised the Conservative government of Boris Johnson for failing to fulfill their commitment to reach a deal with the EU.

"It is one year and one day exactly since Boris Johnson won an 80-seat majority in the House of Commons promising to get Brexit done with an oven-ready Brexit deal that he had readied to agree with the European Union. Now we are right at the 11th hour now, aren't we? The deal is not yet done," he said.

Britain left the EU on Jan. 31, but remains in its economic structures until a transition period ends on Dec. 31.

Whether it's a negotiating ploy or not, Johnson has publicly said the UK would still thrive mightily if there is no deal and it was “very, very likely” that negotiations on a new relationship that will take effect on Jan. 1 will fail.

Without a deal UK will trade with the bloc on World Trade Organization terms - with all the tariffs and barriers that would bring.