11:20 GMT30 November 2020
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    Both sides are seeking an agreement to govern their trading relationship once the UK's post-Brexit transition period ends in January 2021. The UK and the EU are calling on each other to compromise ahead of the looming December deadline for a deal, with key sticking points including fishing rights and post-Brexit competition rules.

    EU Chief Brexit Negotiator Michel Barnier has said that a trade deal with the UK was "within reach" but that both sides must be prepared to make compromises to get it over the line.

    The former French foreign minister said he would work 'day and night' in a statement that the UK government claimed was 'significant'.

    Downing Street said the remarks will be studied 'carefully' ahead of a phone call between the EU's chief negotiator and his UK counterpart David Frost this afternoon.    

    But Barnier cautioned that preparations must be made for a no-deal scenario in case the UK and EU fail to reach agreement in negotiations.

    Meanwhile, President of the European Council Charles Michel stressed that the UK could not have its “cake and eat it too” and that the UK had “a big decision to make” about the future relationship.

    Trade talks are currently stalled and time is short to reach an agreement before the end of the transition period. This 11-month period is due to end in December, and the UK has ruled out seeking an extension.

    Tags:
    European Union, Brexit, Michel Barnier
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