UK's Gove: No deal preparations are intensifying right now

British Cabinet Minister Michael Gove noted that no deal preparations are intensifying right now and explained that they are putting in place the systems so businesses understand what is needed, as reported by Reuters.

Additional takeaways

"The transition period should not be extended, time is running out."

"Working to refine smart freight system."

"We are keen for a deal but will not do one at any price."

"If the EU insists on an intransigent approach, we shall be ready."

"If we conclude no deal is on offer, we can accept that but no one would be happier than me if we get a deal."

"We need to ensure the UK is not held hostage in the negotiations."

Market reaction

The GBP/USD pair showed no immediate reaction to these comments and was last seen trading flat on the day at 1.2880.