By Chris Morris
Reality Check correspondent, BBC News
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- Reality Check
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With negotiations between the UK and the European Union (EU) – over a trade agreement – going down to the wire, the possibility of there being no deal is being talked about.
The UK is currently in a transition period with the EU, which means it is still following EU rules and trade stays the same.
This was intended to give both sides time for negotiations. But it ends in a matter of weeks – on 31 December.
And if there's no deal by then, the UK would automatically fall back on the rules of the World Trade Organization (WTO).
The government refers to this outcome as an "Australia-style deal" (Australia trades with the EU largely on WTO rules) but – as Business Secretary Alok Sharma admitted – the difference between no deal and an Australia deal is "a question of semantics at the end of the day".