Senator Ian Gorst welcomed the news that the two parties were still working to reach an agreement before the end of the transition period on 31 December.

He said: ‘I am pleased that the UK Prime Minister and EU Commission President have agreed to continue talks in an ongoing effort to reach an agreement.

‘In Jersey, we have been preparing for all possible outcomes from these negotiations since the UK voted to leave the European Union in 2016 and are continuing to do so. We remain committed to working closely with the UK government, and our Crown Dependency colleagues, to ensure our interests continue to be understood and fully represented in these final stages of the negotiations.’

He added: ‘Our engagement in the negotiations will continue, through the UK, as we seek to achieve our clear objectives and conclude an agreement that meets the interests of Jersey residents and Island businesses.’

Both UK Prime Minister Boris Johnson European Commission president Ursula von der Leyen have agreed to continue talks past the Sunday deadline, with both leaders reportedly agreeing to ‘go the extra mile’ in search of a deal.’

Mr Johnson suggested there was still hope of a post-Brexit trade deal with the EU but warned the two sides remained ‘very far apart’.