UK's Frost: Will be content to trade on Australia terms if we can't get a deal

The UK's chief Brexit negotiator David Frost told reporters on Wednesday that they are working very hard to reach an agreement with the EU, per Reuters.

Additional takeaways

"If we cannot get a deal we will be content to trade on Australia terms."

"We will work as hard as we can to see if we can get a deal by October 15."

"Obviously as we close October 15, I will have to advise the Prime Minister on whether the conditions of the pm have been met."

"The door will never be closed."

Market reaction

The GBP/USD pair largely ignored these remarks and was last seen trading at 1.2893, where it was up 0.12% on a daily basis.