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There is a strong possibility that the UK will not be able to reach a deal with the EU, British Prime Minister Boris Johnson said on Thursday, as reported by Reuters.

Additional takeaways

“Cabinet agreed deal on the table is not right for the UK.”

“The EU plan on equivalence is not a sensible way to proceed, keeps us locked in the EU’s orbit.”

“We have to keep going in negotiations, we will go the extra mile.”

“Told cabinet to make no-deal preparations.”

“Vital we now get ready for the Australian option of no-deal.”

“The EU has made things unnecessarily difficult in the last few weeks.”

“Now is time for public and businesses to get ready for Jan. 1.”

Market reaction

The GBP/USD pair edged lower after these remarks and was last seen losing 0.9% on a daily basis at 1.3273.