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The UK will not be extending the Brexit transition period, Paymaster General Penny Mordaunt told parliament on Tuesday.

Additional takeaways

“Our policy on zero quotas and zero tariffs has not changed.”

“Political declaration is not a treaty and so there will be differences of interpretation and the EU cannot be the referee.”

“We cannot keep negotiating forever.”

“We have to increase and escalate negotiations.”

“We are working hard to deliver for financial services.”

“We will make some progress when the EU accepts the UK as a sovereign nation.”

Market reaction

The UK’s FTSE 100 Index edged slightly lower and was last seen losing 1.68% on the day at 6,363 points. 

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