PUBLISHED: 07:47, Sat, Oct 24, 2020 | UPDATED: 10:27, Sat, Oct 24, 2020
And with talks set to continue throughout the weekend, hopes are rising about the prospects of an agreement being struck between the UK and the EU. Sources have suggested the French President is relaxing his stance, especially in relation to state aid rules.
Sources have suggested the French President is relaxing his stance, especially in relation to state aid rules.
Crucially, there are also indications that he is prepared to back down over fishing rights for French ships after Brexit, something which has proved to be a huge stumbling bloc.
Specifically, Express.co.uk understands he has prepared France's fishing industry to accept a reduction in quotas from UK waters.
Simon Coveney, Ireland's foreign minister, struck an optimistic note, saying a deal was "doable but difficult".
JUST IN: 'Rip it up!' Boris Johnson MUST dump EU deal to save Brexit - MEP
Both the UK and the EU had previously said that they would need to get a deal by mid-October if it was to be implemented in time - and they are in a race against time with December 31 - which marks the last day of the transition period - looming.
UK Prime Minister Boris Johnson has said that if there is no agreement, Britain will start trading with the bloc on "Australian terms" - shorthand for World Trade Organisation rules.
Nevertheless, the prospect of the imposition of tariffs and quotas has concerned many businesses which are already under pressure as a result of the coronavirus pandemic.
He added: “The pressure is on. We’re running out of time."
Downing Street has said both sides - led by the EU's Michel Barnier and his UK counterpart Lord Frost respectively - are now in "intensive talks" which would continue until to Sunday.
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France's President Emmanuel Macron and Prime Minister Boris Johnson (Image: GETTY)
10.24am update: Careful, Rishi! Sunak's tax hike plan could backfire disastrously, warns expert
Rishi Sunak has been warned his plan to increase taxation to balance the books after his coronavirus spending spree could backfire spectacularly - and plunge the economy into even more trouble.
Pieter Cleppe, a Brussels-based research fellow with the think tank Property Rights Alliance, said the Chancellor should instead identify areas where he could save money.
During an online question and answer session at the Conservative Party conference earlier this month, Mr Sunak refused to rule out increases to VAT, income tax and National Insurance to cover the cost of borrowing which totalled £174billion in the first five months of the year alone.
Mr Cleppe provided a number of examples of how rules imposed in response to the coronavirus pandemic have exposed the impact high rates of taxation have on the economies of individual countries.
Chancellor Rishi Sunak (Image: GETTY)
10am update: BBC outrage: 'Anti-Brexit' broadcaster accused of belittling Leave voters as 'thick'
Red Wall Leave voters are "switching off from the BBC in droves", according to Ashfield MP Lee Anderson who explained why the broadcaster's attitude towards Brexit had soured its relationship with viewers.
The BBC has "alienated" Brexit voters by making them "feel stupid", according to a furious critic.
'Red wall' Conservative MP Lee Anderson spoke to campaign group, 'Defund the BBC', about the future of the broadcaster.
He warned that people in areas like his constituency Ashfield had been "ripping their TV licenses up" and would continue to do so without a marked change.
9.11am update: Do you think Boris was ever truly ready to follow through no-deal Brexit threat?
Brexit talks between the UK and EU resumed this week in a last ditch attempt at securing a trade deal before the transition period ends.
Prime Minister Boris Johnson offered the bloc a final-chance lifeline after previously vowing to walk away from negotiations over a fishing stalemate. But do you think Boris Johnson was ever truly ready to follow