The sterling lost more than 1% after British Prime Minister Boris Johnson said he would not accept EU standards as the price for securing a free trade deal.
Britain officially left the EU on Friday, January 31, but it has yet to agree on the details of new relations with the European Union. Both sides stated what they want from a future trade deal, but the positions were so far apart, that economists do not exclude the possibility of a sharp break in relations at the end of the year.
The UK is currently in a transition period during which EU law and regulations still apply to the entire country, and the UK government can trade with other countries. During this period, London also seeks to develop new trade agreements with Brussels. Its absence will lead to higher costs for British and European exporters.
Boris Johnson said yesterday that Britain wants to conclude a free trade agreement with the EU, similar to the 2016 Canadian agreement. However, representatives of the European Union noted that the parties do not have enough time to agree on a similar deal.
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