14:21 GMT06 May 2021
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    Earlier, The Sun reported that UK Prime Minister Boris Johnson was ready to pull out of Brexit talks 'within hours' over EU demands.

    The UK pound dropped against the US dollar on Monday morning, amid fears that UK and EU negotiators may not succeed.

    The pound fell 1.2 percent against the dollar and 1 percent versus the euro, and is trading at $1.3262 during deals.

    "Sterling-risks to Brexit no-deal endgames were exposed this morning as the chatter was less optimistic than many of us thought it would be," said Neil Wilson, chief market analyst for Markets.com.

    On Monday morning, The Sun newspaper reported that Boris Johnson was ready to pull out of Brexit talks if the EU refused to budge on its demands.

    According to the newspaper, Boris Johnson will tell the EU that he is digging in his heels as he vows to stand firm against 11th-hour Brexit demands from France.

    Downing Street did not comment officially on the information.

    Earlier, UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed during a phone conversation to continue post-Brexit talks and hold another call on Monday evening. The UK prime minister's office released a statement saying that "significant differences" remained on critical issues, including governance, the "level playing field," and fisheries.

    The UK formally left the EU on 31 January. Now the two sides have until 31 December, when the transition period ends, to negotiate the terms of their post-Brexit relations. A possible trade deal is the focus of attention, specifically, without which the two sides will have to trade under standard rules of the World Trade Organization after the transition period ends.

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    • 18:49

      'Differences Remain on Critical Issues', Von der Leyen Says After Call With Johnson

      Differences remain on critical issues concerning a Brexit agreement, the European Commission President Ursula von der Leyen said after her phone conversation with UK Prime Minister Boris Johnson.  

      "We both asked our negotiators to prepare the list of differences to be discussed in person in the coming days," Von der Leyen said. 

    • 13:16

      UK Will Continue EU Trade Talks Within Time Limits If Deal Possible, Spokesman for UK PM Says

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    • 12:04

      Brexit Talks Not Looking Good, UK Must Compromise, EU Financial Services Commissioner Says

      "No, it's not looking good and the reason it's not looking good is that the UK are failing to understand the significance of the three outstanding issues and the need for the UK to compromise," EU Financial Services Commissioner Mairead McGuinness said.

    • 10:09

      We Are at Make it or Break it Moment, Senior EU Diplomat Says

      "Barnier and Frost negotiated intensively... and made some progress but not quite managed to bridge differences," said the person. "There has been no decisive progress though some progress has been made."

      "We are at the make-it-or-break-it moment," they said.

    • 09:43

      Irish Foreign Minister Says Fisheries, Level Playing Field and Governance Remain ‘Very Problematic’

      “At the moment these negotiations seem stalled, and the barriers to progress are still very much in place,” Irish foreign minister said.

    • 09:40

      UK Senior Minister Michael Gove Heads to Brussels Amid Brexit Deadlock

    • 09:40

      'It's About Integrity': UK Will Press Ahead With Brexit Internal Market Bill, Junior Minister Says

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      'It's About Integrity': UK Will Press Ahead With Brexit Internal Market Bill, Junior Minister Says

      In September, the UK government unveiled its Internal Market Bill, a piece of legislation intended to set up arrangements between the member countries of the United Kingdom following Brexit. Northern Ireland and the European Union criticised the bill as potentially breaching international law.
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    • 09:39

      Merkel, Macron Reportedly Make Johnson 'Conciliatory Final Offer' on Brexit Talks to Avoid No-Deal

      German Chancellor Angela Merkel watches French President Emmanuel Macron after the signing of a new Germany-France friendship treaty at the historic Town Hall in Aachen, Germany, Tuesday, Jan. 22, 2019

      Merkel, Macron Reportedly Make Johnson 'Conciliatory Final Offer' on Brexit Talks to Avoid No-Deal

      An attempt to break the stalemate in trade negotiations rooted in deep-seated differences between the UK and EU was made earlier by Prime Minister Boris Johnson and European Commission President Ursula von der Leyen. While their “frank and realistic” conversation acknowledged the need for mutual concessions, the specter of a no-deal Brexit looms.
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