LONDON, 10 December, 2020, (TON): Britain told the European Union on Thursday it should make significant concessions to break the impasse in Brexit trade talks by the end of the weekend to give some clarity about the finale to the five-year-old Brexit crisis.

Prime Minister Boris Johnson and the European Union’s chief executive Ursula von der Leyen gave themselves until the end of the weekend to seal a new trade pact after failing to overcome persistent rifts over a “lively” dinner of turbot on Wednesday.

British Prime Minister Boris Johnson made the remarks at Prime Minister's Questions in the House of Commons, lower part of the British Parliament, before heading to Brussels later Wednesday that "Our friends in the EU are currently insisting if they pass a new law in the future which we don't comply, they have the automatic right to punish us...And they are insisting the UK should be the only country in the world not to have sovereign control over its fishing waters".

“There’s still clearly some scope to keep talking but there are significant points of difference that remain,” Foreign Secretary Dominic Raab told BBC TV, adding that both sides needed to take stock at the weekend.

The pound extended its losses against the dollar and the euro, down 0.6% against the dollar at $1.3318 at 0829 GMT GBP=D3. Versus the euro it was down around 0.7% at 90.755 pence EURGBP=D3.

Raab said the main points of contention fisheries and commitments on a level playing field were narrow in scope but they were matters of principle for Britain.

The trade 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.