But he said the government's increased focus on contingency planning, including simplified customs and border procedures, meant the United Kingdom was much better prepared than it was for the original March 29 Brexit deadline.
Mr Johnson said in a statement: 'I want the UK to continue to be a global science superpower, and when we leave the European Union we will support science and research and ensure that, far from losing out, the scientific community has a huge opportunity to develop and export our innovation around the world.', Metro UK reported.
Lord Wolfson, chief executive of clothing firm Next, said he still hoped a deal could be done before 31 October.
Wolfson, a prominent Vote Leave supporter, had previously said that no deal would lead to "chaos and disorder", with lengthy queues at ports and higher prices in shops.
Speaking to the BBC today, Mr Wolfson said the government of Theresa May had failed to adequately prepare for a no-deal, a situation he said was now being addressed by prime minister Boris Johnson. "I think the fact that (UK tax authority) HMRC have introduced these transitional measures will make an enormous difference", he said. "The encouraging thing is that we are rapidly moving from the gridlock and chaos camp into the well-prepared camp".
The Conservative peer admitted that the United Kingdom government could not influence what happens on the other side of the border, and smaller firms that have not prepared could cause problems at bottlenecks such as Calais.
"There was a wilful attempt to not prepare". "The fast-track immigration route will be created to attract elite researchers and specialists in science, engineering and technology, from maths Olympiads at the very start of their careers to the winners of internationally recognised prizes and fellowships", the United Kingdom government said in a press release. If you can get those right the United Kingdom can both cope with no deal and in so doing, increase the chances of getting one.
Lord Wolfson acknowledges there will be many smaller businesses who may struggle. But he also argues the government is now doing its job - the rest is down to them.