There is still much to be resolved between both sides, even at a high level.

Matters include rights to fishing waters, how bound to EU regulation the UK will remain (i.e. the ‘level playing field’) and an agreement as to dispute resolution proceedings, specifically, whether it is appropriate for the European Court of Justice to have full oversight of and jurisdiction on these matters.

There have also been requests from the IMF chief Kristalina Georgieva to extend the transition period to ease the burden on governments trying to manage the unprecedented uncertainty resulting from the coronavirus pandemic.