Britain and the EU have not agreed on the basic principles of relations

The UK's chief Brexit negotiator David Frost said today that Britain and the EU have failed to reach agreement on key issues for a future trade deal. However, the politician still hopes for a successful conclusion of the negotiations in September.

Michel Barnier, the EU's chief Brexit negotiator, also noted that there is a high risk of not reaching any agreements with Britain. He also said that the current position of Britain in negotiations on a future partnership makes the possibility of a trade agreement unlikely. It is about the UK abandoning open and fair competition and a balanced fisheries agreement.

The next stage of negotiations is scheduled for August 17.