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The UK is not undermining the EU standards and wants to have a thriving trade and economic partnership with the EU, British Prime Minister Boris Johnson said on Monday.

“We will not engage in a cut-throat race to the bottom, we will not engage in dumping,” Johnson added. “We will not insist the EU does everything we do, as price for free trade.”

Market reaction

These comments don’t seem to be helping the British pound stage a recovery. As of writing, the GBP/USD pair was down 1% on the day at 1.3065.