Reuters reports that cabinet office minister Michael Gove said that most British businesses have made preparations for the end of the Brexit transition period. Gove added that it was important they were ready for changes to trading and regulatory rules.

Asked if businesses were ready for the end of the transition period on Dec. 31, when Britain finally leaves the European Union's customs union and single market, Gove said: "Yes. The overwhelming majority of businesses have been getting ready, absolutely."