UK BUSINESS GROUPS URGE BRITAIN, EU TO CUT TRADE DEAL

More than 70 British business groups representing over 7 million workers have made a last-ditch attempt to persuade politicians to get back on the dialogue table next week to strike a deal with the European Union (EU), the Financial Times newspaper reported.

The groups ranged from the CBI, TheCityUK and techUK to the National Farmers' Union, British Retail Consortium and the Society of Motor Manufacturers and Traders and asked for the sides to find a compromise over trade terms, the report added. 

British Prime Mnister Boris Johnson said he can live without a Brexit deal with the EU, which accounts for 40% of UK exports, and stressed the Australia approach may be applied. Under this scheme, World Trade Organization (WTO) rules cover tariff rates. Without a deal with EU, British exports would lose their competitiveness in the 27 nations belonging to the bloc. 

"With compromise and tenacity, a deal can be done. Businesses call on leaders on both sides to find a route through,” the newspaper quoted the groups as saying in a statement.