A race against time as UK scrambles for workable Brexit agreement

Traders say a Brexit without a trade deal would damage the economies of Europe and send shockwaves through financial markets.

 In this file photo taken on March 25, 2017 an EU flag and a Union flag held by a demonstrator are seen with Elizabeth Tower (Big Ben) and the Houses of Parliament in London.  Picure: AFP.

JOHANNESBURG - British and European Union (EU) negotiators have until the end of the day on Sunday to find a last-minute solution to the Brexit impasse between the two countries.

Reports say a deal seems highly unlikely but British Prime Minister Boris Johnson and European Commission Chief Ursula von der Leyen have given the negotiations one last chance.

Negotiators say a deadlock remains over fishing rights and EU demands for Britain to face the consequences - if in the future - it diverges from the bloc's rules.

Johnson must decide whether the deal on offer is worth taking.

If not, there will be heightened restrictions when crossing borders - with supply chains thrown into chaos.

Traders say a Brexit without a trade deal would damage the economies of Europe and send shockwaves through financial markets.

Already, British stocks have fallen - along with euro zone government bond yields and the sterling.

And this all comes as the British and EU economies face the effects of a second wave of COVID-19.

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