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The political declaration is clear that the UK is seeking a Canada-style trade deal and the provisions should not go beyond that, British Prime Minister Boris Johnson’s spokesman told reporters on Monday.

“The steps businesses have to take now are the same in both scenarios for the future relationship,” the spokesman added. “Setting out tariff schedules is something we will do in due course as an independent member of the WTO.”

GBP remains on back foot

The British pound largely ignored these comments and the GBP&USD continues to consolidate its daily losses. As of writing, the pair was down 1.05% on the day at 1.3060.