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UK’s Gove: Increasingly well-prepared for Australian-style exit, GBP/USD retreats

Michael Gove, a senior UK minister, has said that the UK is increasingly well-prepared for an Australian-style exit from the EU, meaning no deal. Gove’s official title is the Chancellor of the Duchy of Lancaster, and he is one of the leading ministers on Brexit. 

Gove is speaking in parliament after Chief EU Negotiator Michel Barnier and his British counterpart David Frost held a phone call to discuss future relations. The minister added that there is no basis to find an agreement and that Brussels’ proposals are inconsistent with sovereign status. He labeled potential talks now as “meaningless.” 

GBP/USD has retreated from the daily highs and struggles just below 1.30.

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