Britain's government on Sunday urged businesses to prepare for the end of the Brexit transition period, saying that they need to take action whether or not a trade deal with the European Union is clinched.

Prime Minister Boris Johnson has said Britain won't extend the transition period, which ends on December 31, and that progress must be made to bridge significant gaps between the two sides in the coming days if a deal is to be struck.

The business ministry argues that most of what businesses need to do is the same regardless of the outcome of the negotiations and has planned a series of sector-specific webinars in October.

Reuters