The UK and EU were on Wednesday night poised to strike a post Brexit deal that would define their future trading relationship, reducing the threat of Britain crashing chaotically out of the European single market on January 1. Both sides said they were on the cusp of signing off the deal, which was concluded in a flurry of final negotiations in Brussels on Wednesday after nine months of often tense talks.
Legal teams from both sides were poring over the fine print for an agreement UK prime minister Boris Johnson insisted would secure British sovereignty while maintaining strong access to the EU market. A deal was expected to be confirmed on Wednesday night or Christmas Eve. “We are in the end game,” confirmed one EU official. It would be the biggest trade agreement signed by either side when measured by the size of the £668bn trading relationship.
The breakthrough came after Ursula von der Leyen, European Commission president, and Mr Johnson took personal control of the negotiations, with fishing access the last big sticking point. Pound jumps on hopes Brexit talks are nearing a deal AN HOUR AGO
The deal taking shape in Brussels would preserve tariff-free EU-UK trade for goods as well as cover issues such as police and security co-operation and the cross-border energy market but does little for trade in services. Crucially the agreement would provide a legal platform upon which the two sides could rebuild relations after the traumatic Brexit divorce, which followed Britain’s vote to leave the EU in 2016.
If the deal is finally signed off, there will be a rush to approve the agreement before Britain’s transition period ends on January 1. British MPs have been told to expect an emergency session of parliament on December 30.