UK PM Johnson's spokesman: There will be no negotiations in 2021

British Prime Minister Boris Johnson's spokesman told reporters on Monday that the UK is prepared to negotiate for as long as there is time and if they think a deal is possible, as reported by Reuters.

Additional takeaways

"Negotiating team continues to work hard to reach a free trade agreement."

"We are clearly in the final stages now."

"The UK has been clear of our negotiation principles and any agreement must respect them."

"We will not extend the transition period, there will be no negotiations in 2021."

"Significant differences remain, fisheries is one of them."

"If Britain needs to leave on Australia-style terms, Britain will prosper."

"Government is working with industries to prepare for the end of the transition period whether or not the UK gets a free trade agreement."

Market reaction

The British pound remains on the back foot after these comments. As of writing, the GBP/USD pair was down 1.12% on the day at 1.3286.