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UK Brexit Negotiators Reach Agreement With European Union

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EU chief Brexit negotiator Michel Barnier told reporters in Brussels that he believes the deal can be ratified by the end of October. He called it a “fair and reasonable basis for an orderly withdrawal” by the UK.

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Brexit negotiators from the UK have reached an agreement with EU officials in Brussels on Thursday. Paving the way for Britain to finally break ties with the European Union this month.

The withdrawal agreement was completed just in time for EU leaders to assess it when they meet in the Belgian capital. European Commission President Jean-Claude Juncker hailed it as “fair and balanced”. The deal now needs the backing of the UK parliament, with a vote expected on Saturday.

The vote is the final hurdle for Prime Minister Boris Johnson to clear before he can complete his ambition of leading Britain out of the EU. Earlier on Thursday Northern Ireland’s Democratic Unionist Party signaled it did not accept key aspects of the draft agreement. Their position did not change after confirmation of the deal.

Without a majority in parliament, Johnson’s attempt to win approval could still founder. He has lost a string of crucial votes since taking office in July. Nevertheless, the prime minister announced the deal with an upbeat statement.

Pull it off, and Johnson will draw a line under three years of political turmoil since the UK voted to leave the European Union. That journey has strained its relationships, soured the political debate at home, and tested the patience of voters.

In a revised political declaration, the two sides pledged to:

– establish a wide-ranging free trade agreement;

– reach a deal on services that goes beyond WTO levels;

– agree equivalence for financial services firms;

– allow free movement of capital;

– establish visa-free travel for short-term visits;

– commit to a level playing field, with common high standards in state aid, competition, welfare, tax, and environmental matters

EU chief Brexit negotiator Michel Barnier told reporters in Brussels that he believes the deal can be ratified by the end of October. He called it a “fair and reasonable basis for an orderly withdrawal” by the UK.

Britain’s Labour leader Jeremy Corbyn “of course” called for a second referendum. Saying that Johnson’s deal — which he described as a “sell-out” — was worse than that put forward by predecessor Theresa May.

Most importantly Johnson, who became the face of Brexit during the 2016 referendum campaign, needs to convince the DUP he is not selling them out and to persuade Brexit true-believers that this is a real separation rather than a pointless fudge. It is not clear — even now — how much backing his position has from DUP leader Arlene Foster, whose view will be crucial.

Certainly, the die-hard Brexiteers who helped her to destroy May’s premiership are sounding like they could hold their noses and let Johnson’s deal fly.

Source: Bloomberg News