UK is prepared for no deal on trade in post-Brexit talks with EU – minister

The United Kingdom wants a Brexit free trade deal with the European Union but is prepared for a no deal, Reuters quoted Transport Secretary Grant Shapps as saying on Wednesday.

A spokesman for PM Boris Johnson said later in the day that Britain remains committed to agreeing the outlines of a balanced trade agreement with the EU but significant differences between the two sides remain.

Talks on a future relationship, which are now in their fifth round, have all but stalled. Some companies fear that there will be disruption at the end of the year if the two fail to secure a trade deal.

“Our preference is to leave with a FTA (free trade agreement) as long as it guarantees our political and economic independence,” the spokesman told reporters. “We will make sure that we’re prepared for all possible scenarios.”