UK to prepare for no-trade deal with EU

Added On October 17, 2020

 British Prime Minister Boris Johnson says that as the European Union Summit in Brussels refused to offer London a Canada-style deal, Britain will prepare to embrace a no-trade deal scenario.

Johnson made the response on Friday following the EU Summit discussions on Brexit the previous day. 
EU's chief Brexit negotiator Michel Barnier said he will continue intensive talks in the coming weeks and the EU hopes to reach a deal with Britain, but not at any price.
Johnson said Britain wanted nothing more complicated than a Canada-style relationship. But to judge by the latest EU summit in Brussels, that won't work for the EU because they want the continued ability to control Britain's legislative freedom and fisheries.
Given that the summit appears explicitly to rule out a Canada-style deal, Johnson concluded that Britain will prepare to embrace the Australia-style arrangement, an euphemism for failure to reach a free trade agreement with the EU, which means the Britain-EU trade will fall back on World Trade Organization (WTO) rules in 2021. 
The prime minister added that Britain will prosper mightily as an independent free trading nation, controlling its own borders, fisheries, and setting its own laws. 
Britain and the EU started their lengthy and bumpy post-Brexit talks in March after Britain ended its EU membership on Jan. 31, trying to secure a future trade deal before the Brexit transition period expires at the end of the year.