UK open to looser 'Australia-style' trade deal with EU - source

LONDON, Feb 1 (Reuters) - British Prime Minister Boris Johnson would consider a looser trade agreement with the European Union, similar to the bloc's ties with Australia, rather than follow EU rules to reach a closer deal, a government source said on Saturday.

"There are only two likely outcomes in negotiation - a free trade deal like Canada or a looser arrangement like Australia - and we are happy to pursue both," the source said.

Johnson is due to give a major speech on trade on Monday, following Britain's departure from the EU on Friday after nearly 50 years of membership. (Reporting by Elizabeth Piper; Writing by David Milliken; Editing by Daniel Wallis)

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