EU Commission: EU ready to trade with UK under WTO terms if no Brexit deal

The European Commission said on Monday that it engaged constructively and in good faith with the UK and reiterated that it will do everything possible to reach an agreement aligned with the EU's long term interests.

"The UK's decision to leave the single market will inevitably create barriers," the Commission added. "The EU will be ready in the event of a no-deal scenario to trade with the UK under the WTO terms as of January 1, 2021."

Market reaction

The GBP/USD stays under strong bearish pressure on Brexit pessimism and was last seen losing 1% on the day at 1.3150.