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The European Union is fully concentrated on Brexit negotiations right now, European Commission spokesperson Daniel Ferrie said on Monday, as reported by Reuters.

Additional takeaways

“People and businesses have had time to prepare for consequences of Brexit at end of the transition period.”

“If no-deal contingency plans are needed, they would be limited and adopted in time for Jan. 1.”

There will be changes at the end of 2020 regardless of whether there is a new UK deal or not.”

Market reaction

The GBP/USD pair showed no immediate reaction to these comments and was last seen gaining 0.3% on the day at 1.3356.