"Just a few hours" remain for London and Brussels to strike a Brexit trade deal, the EU's chief negotiator has said.
Speaking to the European Parliament, Michel Barnier said it was the "moment of truth" for the two sides coming to a Brexit agreement by the end of the year.
"We have very little time remaining, just a few hours to work through these negotiations in a useful fashion if we want this agreement to enter into force on the first of January," he said.
"There is a chance of getting an agreement but the path to such an agreement is very narrow."
Mr Barnier added that the bloc would not sign a deal "at any price or any cost".
"I cannot say what will come during this last home straight of negotiations," he continued.
"We have to be prepared for all eventualities."
The cracks in the negotiations were reflected on the financial markets.
The pound, which has hit its highest levels for more than two years on Brexit deal hopes this week, lost Thursday's gain of almost a cent against the dollar. It was trading above $1.35 and at €1.10.
The European Parliament has said any agreement must be struck by Sunday night in order to allow MEPs enough time to ratify it, while the UK government has said MPs could be recalled to the Commons if there is a deal.
Britain left the EU at the end of January and entered into an 11-month transition period, following EU rules and regulations whilst trying to negotiate a free trade deal by the end of this year.
The two teams have been attempting to thrash out an agreement ahead of the end of the transition, although negotiations have continued to remain stuck on a number of issues.
These include fishing rights and the so-called "level playing field" - measures to prevent what is seen as unfair competition through the lowering of standards or the use of state subsidies.
Mr Barnier's comments come after Boris Johnson told European Commission President Ursula von der Leyen that the talks are now in "a serious situation" and that a no-deal outcome is "very likely" unless the EU changes its stance "substantially".
Cabinet Office minister Michael Gove told MPs on Thursday that the chances of a deal were "less than 50%".
The PM has insisted that Britain can thrive in a no-deal scenario.
But opponents say having to trade on World Trade Organisation terms from 1 January would cause problems for business and push up prices for consumers.
https://news.google.com/__i/rss/rd/articles/CBMib2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2JyZXhpdC1ldXMtbWljaGVsLWJhcm5pZXItc2F5cy1qdXN0LWEtZmV3LWhvdXJzLXJlbWFpbi10by1zdHJpa2UtdHJhZGUtZGVhbC0xMjE2NjA0MtIBc2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2FtcC9icmV4aXQtZXVzLW1pY2hlbC1iYXJuaWVyLXNheXMtanVzdC1hLWZldy1ob3Vycy1yZW1haW4tdG8tc3RyaWtlLXRyYWRlLWRlYWwtMTIxNjYwNDI?oc=5
2020-12-18 08:40:52Z
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