Amid an apparent stalemate in talks, British government minister Michael Gove has said there is still a post-Brexit trade deal to be done with the European Union... if the bloc compromises.
"There's a big difference, philosophical difference between the position that we take and the position that the European commission take.
The European commission want us to follow the rules even though we've left the club and the European commission want to have access to our fish as they had when we were in the EU even though we're out." Both the UK's and the EU's chief negotiators gave a downbeat assessment of negotiations on Friday (May 15) - raising the prospect that no deal will be struck during a transition period.
Such a scenario could heap further damage on an already battered global economy.
The main sticking point has been so-called "level playing field" rules to ensure fair competition.
The EU says they are indispensable to ensure Britain does not undercut its standards; Britain rejects them as binding it to European laws.
On Friday (May 15), investors' concerns about the state of the trade negotiations pushed sterling to its lowest level in more than a month.
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