UK's Gove: We don't have a cutoff date pencilled in for a deal with EU

UK Cabinet Minister Michael Gove said that they don't have a date pencilled in for a Brexit deal with the EU but noted that it would be difficult to reach an agreement if they haven't got significant progress by October.

Additional takeaways

"It does concern me that not all companies are preparing for Brexit at the end of this year."

"It will take time to ratify a deal on both sides."

"We hope that we will get a deal with the EU."

"Difference in terms of preparation for companies is not that great, whether we get a deal or not."

"I would hope we would have clarity before October."

"It would be difficult to conclude an FTA if it isn't agreed by October."

Market reaction

The GBP/USD pair largely ignored these comments as investors remained focused on the Bank of England's policy announcements. As of writing, the pair was down 1% on the day at 1.2428.