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Following the summit between UK and EU officials today, the leader of the Brexit Party welcomed the refusal to extend the transition period. As it stands, the transition period ends on December 31, 2020 but the UK and EU have now agreed that no extension will be made. Although Mr Farage praised the refusal to extend, he also warned the UK must still secure a good free trade agreement with the EU.

He said: “At least some good news, no extension of our EU transition period.

“A promise kept. We will now have to make sure that the deal is not a sell out.”

Boris Johnson spoke to the EU Commission President, Ursula von der Leyen, President of the Council, Charles Michel and President of the European Parliament, David Sassoli.

During the video conference between the officials, both sides agreed to speed up negotiations in pursuit of a deal.

In a statement from the EU Commission, the two parties agreed a new “momentum was required” in order to reach a deal before the December deadline.

Talks will now be expedited in July as the Prime Minister insisted the UK does not want see talks continue into the autumn.

Speaking to the BBC, Mr Johnson insisted he was pleased with what was discussed but that more “oomph” into negotiation would be needed.

Mr Johnson said: “What we need now is to see a bit of oomph in the negotiations.

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“I was very pleased that Ursula von der Leyen, the Commission President, Charles Michel, the President of the Council and David Sassoli, the President of the European Parliament, all agreed and signed up to a good statement to take us forward.”

Although both sides agreed to speed up talks, Mr Michel insisted the EU would not back down on its pursuit for a level playing field.

Mr Michel said: “EU-UK meeting with Ms von der Leyen, Mr Sassoli & Boris Johnson.

“A broad & ambitious agreement, in line with #EUCO guidelines, is in our mutual interest.

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“Ready to put a tiger in the tank but not to buy a pig in a poke.

“Level playing field is essential.”

The issue over a level playing field has been one of the main areas of divergence between the two sides.

A level laying field ensures businesses in one country do not undercut their rivals.

There is fear the UK could drop certain rules or taxes in order to encourage businesses to Britain instead of the continent.

If the UK were to do this, some have stated the EU could close off access to the single market thus hurting financial services.

Last week, the EU’s chief negotiator, Michel Barnier declared London could lose its status as a financial hub after Brexit.

He said: “During its 47 years of membership, the UK built up a strong position in the EU market in a number of strategic areas, financial, services, businesses, and legal services, and also regulation and certification.

“This was made possible by the fact that the UK was an EU member state within the single market.

“As it prepares to leave the single market and leave the Customs union, we must ask ourselves whether it is really in the EU interest for the UK to retain such a prominent position.”

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