David Frost, the British minister responsible for implementing the Brexit deal, said on Monday that the European Union's proposals wouldn't deliver the "freeing up of trade" they would want to see, as reported by Reuters.

"The problem with the EU proposals on Northern Ireland is that they don't go far enough," Frost added and reiterated that significant gaps remain.

Market reaction

The initial market reaction to these comments was largely muted. As of writing, the GBP/USD pair was trading at 1.3758, where it virtually unchanged on a daily basis.