PRIME Minister Boris Johnson has said that a No-Deal Brexit would be a “very good option” as the latest round of talks ended early amid reports of “serious” differences between the UK and EU.

The EU’s Michel Barnier has reportedly accused British negotiators of a “lack of respect” as talks were cut short a day earlier than originally planned.

The legal deadline to request an extension to the Brexit transition period, due to come to an end on December 31, was passed this week. UK ministers rejected calls to prolong the transition period amid the pandemic, claiming leaving the EU as planned would offer more stability to businesses.

Echoing comments made earlier this year during an interview with LBC this morning, Boris Johnson indicated that if talks do fail then an arrangement like Australia’s could work instead.

However, as The National reported in February, there is no trade agreement between the EU and Australia. European Commissioner for Trade Phil Hogan has warned that these claims from Johnson are “code for No Deal”.

While Australia has 29 bilateral agreements with Brussels, it does not have a comprehensive trade deal.

Speaking to the programme this morning, Johnson said: “We now need to make sure that we get a good deal. And I think actually, you know, I’ve had some very good conversations with friends and colleagues around the EU – I’m a bit more optimistic than Michel is there.”

READ MORE: Boris Johnson: Warning over new 'code' for No-Deal Brexit

Asked why he was optimistic, Johnson replied: “I just think there’s a good agreement to be reached, but obviously if we can’t then we will have the very good option also of an Australian-style arrangement.”

A No-Deal Brexit is likely to have a big impact on people living in the UK, and opposition parties have expressed concern over how it would affect residents in the midst of an anticipated economic crisis caused by the coronavirus pandemic.

A No-Deal Brexit could change eating habits as 30% of our food comes from the UK, electricity and gas prices could go up, people will require further paperwork when travelling to Europe, there may be a shortage of certain key medicines – the Government’s own Yellowhammer document warns some drugs are “particularly vulnerable” to disruption at Channel ports – and UK citizens living in the EU could see their rights change.

READ MORE: Brexit: The challenges around getting a deal, or No-Deal

Meanwhile importing goods from Europe generally may get pricier, house prices could fall, ports and motorways may see extra delays and students coming to study in the UK may face a period of uncertainty.

The UK Government is reportedly preparing a “shock and awe” media campaign to get people ready for the end of the Brexit transition period.

The term is usually used to describe a military strategy of overwhelming force and is closely associated with the Iraq war.

It is anticipated that a massive information campaign will warn the public about the “consequences of not taking action” ahead of December 31.