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The UK government will not back down on its policy on fisheries, British Cabinet Minister Michael Gove said on Wednesday, as reported by Reuters.

“The European Commission has made clear it will not agree to third-country cumulation in any circumstances,” Gove added in a letter sent to a Welsh lawmaker. “The trade deal with the EU remains our strong preference.”

Market reaction

These comments don’t seem to be having a significant impact on the British pound’s performance against its rivals. As of writing, the GBP/USD pair was down 0.75% on the day at 1.2945.