Boris Johnson has this afternoon confirmed that the UK and the EU have struck a deal just a week before the deadline for new arrangements to be put in place.
The Christmas Eve agreement will “take back control of every jot and tittle of our regulation” confirmed the Prime Minister.
“From January 1st we are outside the customs union and outside the single market.
“British laws will be made solely by the British Parliament interpreted by British judges sitting in UK courts and the jurisdiction of the European Court of Justice will come to an end.”
European Commission president Ursula von der Leyen said: the deal meant “EU rules and standards will be respected”
“We have finally found an agreement.
“It was a long and winding road, but we have got a good deal to show for it.
“It is fair, it is a balanced deal, and it is the right and responsible thing to do for both sides.”
The deal, reported to be worth around £660 billion in trade means:
- Goods and components can be sold without tariffs and quotas in the EU market.
- The amount of fish in British waters that the UK can catch is to rise from around half now to two-thirds by the end of the five-and-a-half year transition.
- Allegations of unfair competition will be judged by an independent third-party arbitration panel with the possibility of a “proportionate” response.
Parliament will be recalled from its Christmas break to vote on the deal on December 30th which will also have to be approved by the 27 EU members.
