Prime Minister Theresa May said on Wednesday that the British government and the opposition Labour Party have common goals regarding future customs arrangements with the bloc and share concerns over the protection of jobs.
"I think actually we are trying to achieve, in this area, something very similar, which is ensuring that we protect jobs," May noted addressing committee of senior parliamentary lawmakers.
Commenting on the prospect of reaching a deal, the British prime minister said that it could be possible by the second phase of talks, by the end of 2020.
Thus, the country risks crashing out of the bloc without a deal, which could affect both the UK and EU economies, potentially leading to widespread disruption.
The UK voted to leave the EU in a June 2016 referendum, with the withdrawal deadline set for 29 March 2019. However, Prime Minister May has asked the bloc for a deadline extension until 31 October.