Time running out Both sides have said that time is running out to reach an agreement. EU leaders would need to approve the deal at a meeting in Brussels on December 10. Officials at the European Parliament have said that they are willing to hold an emergency voting session on December 28th to avoid a no-deal Brexit. Britain left the European Union on January 31st of this year. But a transition phase means it follows all EU rules and laws until December 31st. If no agreement is struck by then, the UK and the EU would have to trade on what is known as World Trade Organization rules, which would see huge tariffs slapped on goods flowing in both directions.