BRUSSELS, 07 December, 2020, (TON): Post-Brexit trade talks hung in the balance on Monday as Britain and the European Union made a last-ditch attempt to bridge significant differences and reach a deal that would avoid a disorderly exit in just 24 days.

With growing fears of “no-deal” chaos after the United Kingdom finally leaves the EU’s orbit on Dec. 31, talks will resume in Brussels before British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen review the situation on Monday evening.

Irish Prime Minister Micheal Martin said on Sunday the chances of a deal were 50-50. Investment bank JPMorgan said odds of a no-trade deal exit had risen to one third from 20%.

The British pound tumbled on concerns that there would be no agreement covering annual trade worth nearly $1 trillion.

EU chief negotiator Michel Barnier was “rather downbeat as to the prospects of agreement” when he spoke to national envoys over orange juice and pastries in Brussels on Monday morning, according to one diplomat who took part in the meeting.

“EU-UK negotiations have entered the endgame, time is running out quickly,” another EU diplomat said. “It is for the UK to chose between... a positive outcome or a no deal outcome.”

Failure to secure a deal would clog borders, upset financial markets and disrupt delicate supply chains across Europe and beyond as the world tries to cope with the vast economic cost of the COVID-19 pandemic.

The negotiations are at a crucial stage as time is running out for both sides to secure a deal before the Brexit transition period expires at the end of the year.

Trade agreements that the UK is part of as an EU member state will no longer apply if there’s a no-deal Brexit. The UK and the EU are negotiating a trade agreement to start on 1 January 2021.