Is a deal still possible?

We think this position could change. After all, both sides have until late-June to agree to an extension. But first a quick recap.

Back in February, before coronavirus had really taken hold in Europe, the general consensus among trade experts was that a bare-bones trade deal covering goods was just about possible this year, assuming the UK agreed on some key issues.

Fishing is clearly one, while perhaps the biggest sticking point was the so-called 'level-field commitments'. We concluded back in February that the whole process may well boil down to whether the UK is prepared to stick to EU rules on state aid.

That's probably still the case, but the onset of coronavirus means more time will inevitably be needed, regardless of whether the UK government is open to compromise on a deal. Here are three key reasons why: