"The Omicron variant is spreading at a phenomenal rate," British Health Secretary Sajid Javid said on Monday and noted that the new variant makes up around 40% of infections in London, per Reuters.

Javid added that they have not confirmed any Omicron-related deaths yet in England and reiterated that three doses of vaccine provide protection against the variant.

Market reaction

The British pound is having a tough time finding demand on Monday and the GBP/USD pair was last seen losing 0.3% on the day at 1.3230.