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

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.