And given that they have refused to negotiate seriously for much of the last few months, and given that this summit appears explicitly to rule out a Canada-style deal, I have concluded that we should get ready for January 1 with arrangements that are more like Australia's based on simple principles of global free trade.
In a harsh rebuke of the European Union, he added: "And given that they have refused to negotiate seriously for much of the last few months, and given that this summit appears explicitly to rule out a Canada-style deal, I have concluded that we should get ready for January 1 with arrangements that are more like Australia's based on simple principles of global free trade".
At what was supposed to be the "Brexit summit" on Thursday, EU leaders delivered an ultimatum which demanded the United Kingdom to compromise on fair trade rules to unblock the stalled post-Brexit negotiations or see a rupture of ties with the bloc from January 1.
"There's a deal to be done, but there needs to be flexibility on both sides, energy and goodwill and political will on both sides, and the prime minister will say more (today)", the foreign secretary told BBC Radio 4's Today programme.
If both sides follow the same rules, they can trade without any barriers.
Following a briefing from the EU's chief negotiator Michel Barnier, the European Union leaders expressed "concern" that there had been insufficient progress for a deal to be agreed.
Ursula von der Leyen, the President of the EU Commission, said she would continue to work for a deal - "but not at any price". "It's an unusual approach to conducting a negotiation", Frost added.
However, there is scepticism in Brussels that he would be prepared to pull the plug on the negotiations.
Lord Frost tweeted: "Disappointed by the European Council conclusions on UK/EU negotiations".
He said Britain should "get ready" to operate on stripped-down World Trade Organization rules from January akin to Australia's relationship with the EU.
A Johnson aide ramped up the rhetoric by adding that trade talks are over unless Brussels "fundamentally shifts its position".
Dutch Prime Minister Mark Rutte said: "Britain has already imposed so many deadlines that came and went".
With fisheries crucial to France, President Emmanuel Macron was expected to take a hard line on Thursday.
Liberal Democrat Brexit spokesperson Christine Jardine also said his comments "are just further evidence of the PM's incompetence".
"It's unacceptable. We would put the single market in an impossible position would allow to have permanent dumping by the British". "If the right terms can't be found at the end of these discussions, we're ready for a no-deal for our future relations".
But Mr Coveney warned that by November time would be "really running out".
Irish premier Micheal Martin also emphasised the importance of securing a satisfactory agreement on fishing if there was to be an overall trade deal.
Meanwhile, Mrs von der Leyen has announced that she is pulling out of the summit to self-isolate after a member of her staff tested positive for coronavirus, even though she has tested negative.