There is not much time left for the UK to sign a trade agreement with the EU. Apparently, this document that is important for both parties will not be approved by the current transition period deadline. For all this time, there have been almost no signs that the UK and the EU will settle the matter.
The transition period will expire on January 1, 2021. By this point, London and Brussels, or one of them at least, planned to sign the trade deal. However, the UK was less engaged in the issue, refusing any proposals, unwilling to make concessions and postponing negotiations. At the very beginning, London made it clear that there would be a no-deal Brexit. The coronavirus pandemic only strengthened its determination. The British economy and financial system are suffering great losses. Therefore, the primary task for the local government would be to support the economy by all possible means. According to the National Bureau of Statistics, the country’s GDP plunged by 19.8% in the second quarter of 2020, compared to the previous three months. The second-quarter slump was the worst on record. Financial analysts in London suggest that a slowdown in growth rate in the last six months of the year will be insufficient to meet the demand for government loans. It seems that the UK authorities have already set their priorities straight and definitely not in favour of the trade agreement with the EU.
