According to a report from The Telegraph, Britain and the European Union are unlikely to sign a post-Brexit trade deal, with only a few days left before British Prime Minister Boris Johnson’s July deadline.

The assumption of the UK’s government is of a no-deal exit, although there is a possibility that a “basic” agreement could be reached if the EU gives ground in the autumn, said the report citing government sources.

In case of a cliff hanger Brexit, trade between the two will fall back on World Trade Organisation rules after the transition period.

Negotiators are deadlocked on fishing rights, the role played by the EU’s highest court, the European Court of Justice, the deal’s governance, and the so-called level playing field guarantees, said the report.

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