Boris Johnson plans to say he's prepared to quit talks over the U.K.'s future trade relationship with the European Union if he doesn't get what he wants.

In his first speech since Britain formally left the EU, the prime minister will spell out to business leaders and diplomats on Monday his aims for negotiating the future trade terms with the bloc. Brussels negotiators are set to publish their own mandate the same day.

Johnson will say he wants a comprehensive trade deal at least as good as Canada's agreement, but will be ready to take a looser arrangement like Australia's if talks fail, according to a U.K. official.