UK Prime Minister Boris Johnson has warned the public and businesses to prepare for Britain’s exit from the European Union’s single market without a trade deal.

A fitting conclusion seems unlikely by Sunday according to European Commission president Ursula von der Leyen who said that a no deal was the most “probable” end to the difficult talks.

After a day of crisis talks ended without any breakthrough, Johnson said Britain will continue to seek a deal but blamed the EU for their demands on common rules and standards, which act as a hurdle.

The EU demands that the UK adhere to changes in regulations to maintain the integrity of the single market. Johnson said, “Basically that means whatever new laws they brought in, we would have to follow or else face punishment, clearly that’s not a sensible way to proceed.”

With Brexit talks set to continue, the EU is resolute to prevent the UK from gaining an “unfair advantage” of having tariff-free access to its markets. Johnson argues for the UK, saying that what goes on in regard to trade and other business rules should be under control as a sovereign country.

A meeting in Downing Street with Cabinet Officer minister Michael Gove and senior officials was held on Friday and chaired by the Prime Minister. They discussed the possibilities of proceeding with a “stock-take”, an inventory check, for a no-deal scenario, as stated by a No. 10 official.

Johnson added in his arguments that the EU needed to make “big changes” over the tenets of business competition.

In that case, the UK would be imposed on the rules of the World Trade Organization and face tariffs as well as quotas, after the transition ends at the dawn of the new year. Malcolm Turnbull, former Australian Prime Minister said on BBC’s “Question Time”, that his country does not have a “satisfactory” trade relationship with the EU. 

A pessimistic atmosphere has befallen the Brexit negotiations. After Boris Johnson’s intervention, the GBP extended its decline at a very delicate time as the EU leaders met for a summit in Brussels. Any deals with the UK may now depend on a last-minute intervention by Germany or France. These countries are in significant positions to make a difference in the summit as the two strong powerbrokers.

Higher prices and more changes could ensue, if a trade deal is not ratified by both sides before the end of this year. The UK and EU could impose taxes on each other’s products and goods. This could exacerbate the current financial situation of many.