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“We have a number of problems with the EU proposals for ratchet clauses on the environment,”  the UK’s chief Brexit negotiator David Frost said on Thursday. “COVID-19 has revealed there may be an over-reliance in some areas on some markets.”

Regarding the negotiations on fisheries with the EU, “this is an area of real difficulty,” Frost noted. “Whichever way you cut it, there is a sense of a standoff.”

Commenting on issues surrounding financial services, “If the EU tried to raise barriers to the UK financial institutions, the losers would be European companies blocked off from the capital,” Frost said.

Market reaction

The GBP/USD pair largely ignored these comments and was last seen gaining 0.37% on the day at 1.2295.