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The European Union (EU) member states, including Belgium and Ireland, have urged the European Commission to take sufficient account of the economic risks posed by Hard Brexit in its recovery fund proposals, the Financial Times (FT) reported on Wednesday, citing remarks by EU diplomats during a meeting held last week.

This report comes after a UK Conservative MP said that Britain will not back down during trade talks with the EU on the fishing sector.

Market reaction

GBP/USD adds 0.30% to trade at 1.2766, having hit a daily high of 1.2778 and daily low of 1.2706.

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