The fourth round of post-Brexit negotiations began on 2 June. It was reported that both sides came to the table with limited expectations that a breakthrough will occur this week, something which appears to be supported by recent comments from the EU's Chief Negotiator, Michel Barnier, who today accused the UK of "backtracking" on commitments in post-Brexit trade talks.

A meeting between Boris Johnson and EU Commission President Ursula von der Leyen has been scheduled for the end of June, which will determine how negotiations will proceed following this round of video-conference negotiations. 

According to the Political Declaration signed by the EU and UK, the June meeting was originally intended to be high level, but has taken on a more heightened sense of urgency following limited progress in talks to date.

If it is indeed true that the EU and UK are at a dead end with regard to negotiations, it makes a appetite for an extension of the Brexit Transition Period look even less likely (something the UK would have to do by the end of this month). 

Where does this leave us? Under seven months to go, and a "no deal" exit (with trade reverting to WTO terms) seems likely - unless an eleventh-hour trade deal can be secured in the coming months...

It's neither impossible nor not too late for this to happen, however concessions will be needed from both sides, in order for even the narrowest of trade deals to be agreed by the end of this year.