Boris Johnson has said the UK will not seek an extension to the transition arrangements after Brexit GETTY IMAGESA Scottish law firm has warned that businesses face sharply increased legal costs if Westminster fails to agree a trade deal with the European Union during the 11-month transition period that begins in February. Fears are increasing that the UK is again facing a cliff-edge Brexit, following comments from Brussels at the weekend that the time frame to agree trading terms is too short and increases the likelihood of a no-deal departure from the EU. Sterling has given up the gains it made in the aftermath of Boris Johnson’s landslide election victory, following his insistence that an agreement on all aspects of the UK’s relationship with the EU, from trade to security, must be agreed by the end of 2020. The UK is scheduled to…

Source: The Times December 29, 2019 00:00 UTC