Dharshini David
Economics Correspondent

Image source, Getty Images

An key impact of a Brexit no deal for consumers will be on prices. Over a quarter of our food comes from the EU, much of which will face extra import charges - or tariffs - typically of over 15%. Cars too will be hit by tariffs of 10%.

Retailers are likely to pass some of that to us.

The government is mindful of that. One thing it could do is to temporarily relax some tariffs - it would have to do the same for all countries with which the UK hasn’t got a deal.

That had, until earlier this year, been the contingency plan. It would ease some of the pressure on consumers and retailers but would be unpopular with domestic producers e.g. farmers and manufacturers, whom tariffs are designed to protect from foreign competition

Other factors will also impact the prices we pay for imports, from disruption at the border, to movements in the exchange rate. Some traders are warning that the value of the pound will fall in the event of a no-deal which would push up those prices.

A joint statement has just been released from Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen, saying talks will continue.

"We had a useful phone call this morning.

"We discussed the major unresolved topics.

"Our negotiating teams have been working day and night over recent days.

"And despite the exhaustion after almost a year of negotiations, despite the fact that deadlines have been missed over and over, we think it is responsible at this point to go the extra mile.

"We have accordingly mandated our negotiators to continue the talks and to see whether an agreement can, even at this late stage, be reached."

Mrs von der Leyen added that the negotiations would continue in Brussels.

Image source, EPA

European Commission president Ursula von der Leyen is speaking in Brussels after her phone call with UK Prime Minister Boris Johnson.

"We both think it is responsible at this point in time to go the extra mile," she says, confirming that post-Brexit trade deal negotiations will continue in Brussels.

We're told a conference call with Cabinet ministers will be held following Boris Johnson's call with European Commission president Ursula von der Leyen.

For some, this could signal a turn for the worse in the negotiations over a post-Brexit trade deal, while others may see it as a sign talks will continue.

Johnson and von der Leyen are due to release a statement shortly following their phone conversation this morning.

It is still possible to secure a good Brexit deal "that is in all our interests", Ireland's Taoiseach, Micheál Martin, has said.

He told the Andrew Marr Show: "Even at the 11th hour, in a very difficult negotiation around level playing field and fisheries, the capacity in my view still exists for the United Kingdom government and European Union and their negotiating teams to conclude a deal that is in all our interests for the longer term."

Image source, Ed Robinson/OneRedEye

Businesses are facing a huge degree of uncertainty as Brexit talks teeter on a knife-edge.

Many won't even know what the price of their goods will be, according to British Chambers of Commerce president Baroness Ruby McGregor-Smith.

"We're not going to know what tariffs are going to be imposed on any goods leaving or coming into the country, meaning we won't know the price," she told Sky News.

"What we've seen in the pandemic is huge amounts of support given but we still have a significant number of industries shut down. On top of this we don't know how we're going to be trading from 1 January."

She added there "could be some significant job losses" compounded by a "lack of government support after March as we come out of the pandemic".

We're told a phone call between Prime Minister Boris Johnson and European Commission president Ursula von der Leyen is now under way.

A statement of some sort is expected to be issued following the call and could come as soon as 11:30 GMT.

We'll have all the latest updates as soon as they happen and you can also watch live coverage on the News Channel on BBC iPlayer.

Foreign Secretary Dominic Raab has been challenged by Andrew Marr on a promise he made during the Vote Leave campaign in 2016 that free trade would never stop between the UK and the EU.

On Sunday, Raab agreed that no deal would mean no longer having the "advantages" of a free trade agreement.

He said that if the UK is "forced" into a no-deal position, it will be because the EU has changed its mind on key issues.

Image source, EPA

German Chancellor Angela Merkel has said everything possible should be done to agree a post-Brexit trade deal between the UK and European Union.

"It feels to me code for keep talking," our Europe correspondent Kevin Connolly says, he adds that it feels more and more possible that there will not be an end today - and that further talks may come before the final 31 December deadline.

"At some point in this two week period they are going to have to decide 'for now, a deal cannot be done'," our correspondent adds. "Whatever happens, we are not done with the talking one way or another."

Labour's shadow business secretary, Ed Miliband, has told the Andrew Marr Show that "both sides have to compromise" to secure a deal.

Prime Minister Boris Johnson and European Commission president Ursula von der Leyen are due to speak at 11:00 GMT to decide if a deal can be done, with the main sticking point being how close the UK should stick to EU economic rules in the future.

Miliband told Andrew Marr that no deal would be "a disastrous outcome for the country".

Image source, Getty Images

Car makers have told suppliers to stockpile at least five days worth of parts in case of a no deal Brexit, according to the Sunday Times.

It says that luxury car company Bentley is building up at least a month's worth of stock , externalthough such moves are contributing to major delays at British ports.

The car industry is already grappling with stock shortages including both Honda and Jaguar Land Rover, which were both recently forced to pause production.

Katya Adler
Europe Editor

A statement is expected following the call between Prime Minister Boris Johnson and European Commission president Ursula von der Leyen.

It will happen shortly after 11:30 GMT.

The Andrew Marr Show

Image source, PA Media

If the UK and the EU fail to reach a Brexit agreement, there will be a great deal of focus on the value of pound.

Back in June 2016, when the UK voted to leave the European Union, sterling plunged against the dollar and it has been volatile since though it has never managed to surpass $1.50 against the dollar.

Over the past week, the pound has been buffeted by the changing language emerging from the Brexit negotiations and is currently trading around $1.32.

So what does Foreign Secretary Dominic Raab expect to happen to the pound?

"There has already been currency fluctuations. Of course there's a flip side temporarily for that, it is a boost to exporters but obviously it has a challenge domestically," he told The Andrew Marr Show.

When currency markets in Asia open this evening, we'll get our first indication of the scale of those challenges.

There's some more detail now on the phone call later between Prime Minister Boris Johnson and European Commission president Ursula von der Leyen.

Her spokesman Eric Mamer says the call will be around noon Brussels time - so that's 11:00 GMT.

We'll bring you all the updates on the call as they are released by the two sides.

The Andrew Marr Show

During his interview with the BBC's Andrew Marr, Foreign Secretary Dominic Raab said French fishing fleets would have "zero assured access" to UK waters in the event of no deal between the UK and EU.

He added that this meant it would be "crazy", from a French point of view, for no agreement to be reached.

The Andrew Marr Show

If the UK is "forced" into a no-deal position, it will be because the EU has changed its mind on key issues, Dominic Raab says.

It's "absurd" that the EU would allow German carmakers and French farmers to "suffer" because of this, he adds.

On potential disruption to UK medical supplies, Raab says there may be "shifts" if there is no deal but the NHS has many systems in place to prevent this.

That ends the foreign secretary's interview.

The Andrew Marr Show

Dominic Raab says the UK will not be less safe without a trade deal. He says EU security restrictions are less strong than those the UK wants to enforce.

The UK will continue to work with EU partners whatever happens in EU-UK talks, the foreign secretary promises.

On agriculture, Raab says tariffs would be "very damaging on the EU side".

The Andrew Marr Show

Asked about reports that Royal Navy vessels will patrol the English Channel to enforce fishing rules, Dominic Raab says "extra vessels have been agreed" because the UK will have to "enforce our own waters" if there's no trade deal.

This would be done in a "proportionate way", he tells Andrew Marr, adding that the UK is "pragmatic".

The Andrew Marr Show

Foreign Secretary Dominic Raab says the EU has to "move" on the key sticking points in post-Brexit trade talks - business competition rules and fishing rights.

He calls for "clarity" on this, adding that talks can still progress if the impasse is broke..

Raab accuses the EU of "shifting the goalposts" on trade.

Talks are "very finely balanced", he says.

Prime Minister Boris Johnson is expected to speak around lunchtime on Sunday with European Commission president Ursula von der Leyen about the future of the post-Brexit trade talks.

The negotiations started again in Brussels at 08:00 GMT, officials have confirmed.