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British Prime Minister Boris Johnson’s spokesman reiterated on Monday that the UK government’s position is that the post-Brexit transition period will end on December 31.

“Significant gaps remain in talks, Britain will continue to work to try to bridge those gaps,” the spokesman added. “The UK would need to ratify any agreement before January 1, time is in very short supply.”

Market reaction

The British pound failed to stage a convincing recovery against its rivals after these comments. As of writing, the GBP/USD pair was down 1.7% on a daily basis at 1.3294.