Breaking: UK PM Johnson calls upon business to get ready for Australia deal

British Prime Minister Boris Johnson said on Friday that it is now the time for the businesses in the UK to get ready for an Australia-type deal with the European Union.

Market reaction

With the initial reaction, the GBP/USD pair lost more than 60 pips in a matter of minutes and was last seen losing 0.26% on the day at 1.2880. Reflecting the broad GBP weakness, the EUR/GBP pair shot higher and is currently gaining 0.35% on the day at 0.9093.

"Given the EU have refused to negotiate seriously, I have concluded we should get ready for an Australia-style deal," PM Johnson noted. "A Canada style deal will not work for our partners, judging by the EU summit. We just wanted nothing more than a Canada-style deal."

Johnson further added that the EU have abandoned the idea of a free trade deal and said that they will go for a no-deal if they don't make a fundamental change to their approach.

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