Britain's Minister for Brexit opportunities, Jacob Rees-Mogg, said Friday, the right response to inflation is tight monetary policy and constrained fiscal policy.

When asked if cuts to civil jobs were a return to austerity, he said, “I don't think it is, because what is being done is getting back to the efficiency levels we had in 2016. That's a perfectly reasonable and sensible ambition."

"The administration, the negotiations, most of the work in relation to Brexit has been completed,” Rees-Mogg added.

Market reaction

The pound remains unfazed by the above comments, as GBP/USD was last seen trading at 1.2211, up 0.12% on the day.