European Commission President Ursula von der Leyen (R) and British Prime Minister Boris Johnson arrive for their meeting in Brussels, Belgium, Dec. 9, 2020. (European Union/Handout via Xinhua)

"There's now a strong possibility, a strong possibility that we will have a solution that's much more like an Australian relationship with the EU than a Canadian relationship with the EU," said British Prime Minister Boris Johnson.

LONDON, Dec. 10  -- British Prime Minister Boris Johnson on Thursday warned of a "strong possibility" that Britain and the European Union (EU) will fail to strike a post-Brexit trade agreement.

Speaking from Downing Street, Johnson said "now is the time" for businesses and the public to prepare for that outcome, the BBC reported.

Nonetheless, the prime minister pledged to "keep going" and "go the extra mile" to seek an agreement with the EU.

"The UK has been incredibly flexible," he said. "We tried very hard to make progress on all sorts of things."

However, he said: "I do think that we need to be very, very clear. There's now a strong possibility, a strong possibility that we will have a solution that's much more like an Australian relationship with the EU than a Canadian relationship with the EU."

Australia trades with the EU largely on the World Trade Organization (WTO) terms.

"That doesn't mean it's a bad thing; there are plenty of ways that we can turn that to the advantage of both sides," said Johnson.

"Now is the time for the public and for businesses to get ready for Jan. 1, because believe me there's going to be change either way," he added.