The Brexit transition period will not be extended according to Cabinet minister Michael Gove. Prime Minister Boris Johnson has said there is a very good chance of getting a trade deal by December. But if a deal cannot be done, what would this mean for the UK after December?

At the end of last year, a No Deal Brexit was a topic of discussion, but now the term has returned to common usage.

The UK formally left the European Union on January 31 and now the country is in a transition period until the end of the year.

This means the UK is still part of the EU single market and the customs union currently, and therefore all the rules and regulations, as well as budget payments, remain the same.

The UK has decided not to take up the option of extending the transition period for one to two years to enable negotiations to continue regarding a future free trade deal.

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If negotiations do not lead to an agreed deal by the end of the year, a new version of No Deal would take place.

This would mean trade with the EU would automatically fall back on the basic World Trade Organization (WTO) rules.

The WTO is the global body where countries negotiate the rules of international trade.

In total, there are 164 members in the WTO and if they do not have their own free trade agreements with one another, they trade under WTO rules.

Every WTO member has a list of tariffs and quotas which apply to other countries with which they do not have any free trade agreements.

These deals are known as their WTO schedules.

Under WTO rules, cares would be taxed at 10 percent when they cross the UK-EU border after the end of the transition period.

Agricultural tariffs would rise to an average of more than 35 percent for dairy products.

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The Government has published a guide to UK tariffs from January 1, 2021.

The UK Global Tariff (UKGT) will replace the EUs Common External Tariff from January 1 and will apply to all goods imported into the UK unless:

An exception applies, such as a relief or tariff suspension.

The goods come from countries that are part of theGeneralised Scheme of Preferences.

The country youre importing from has a trade agreement with the UK.

It only shows the tariff that will be applied to goods at the border when they are imported into the UK.

It does not cover:

The Government is removing all tariffs below 2.5 percent which it refers to as nuisance tariffs.

In total, 47 percent of all products will have zero tariffs, compared with 28 percent when in the EU.

Among the biggest tariff cuts will be types of preserved mushrooms, which will have their tariffs cut from 18.4 percent to zero and yeast, which will have its tariff cut from up to 14.7 percent to zero.

The following items are having their tariffs to cut from the following current tariff rates to zero:

There are also likely to be non-tariff barriers such as product standards, safety regulations and sanitary checks on food and animals.

The UK and EU will need to find ways to work with each others regulations.

The UK has announced that with or without a deal, checks on EU goods coming into the UK will be phased in the next year to give firms time to adjust.

Non-tariff barriers would have an even greater impact on the service sector, which makes up about 80 percent of the UK economy.

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Brexit news: What would ending the transition period with no deal really mean? - Express.co.uk