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‘Deal is done’ sources say, as UK & EU apparently strike post-Brexit trade accord after 11th hour talks | |
(32 minutes later) | |
A post-Brexit trade deal between the EU and UK have been reached, the media is reporting, according to sources from No. 10 Downing Street. | |
Reports came out of Downing Street, the prime minister’s residence, on Wednesday that a trade deal between the UK and EU has been agreed. | |
However, these reports have been challenged and an EU official has been quoted by Reuters as saying “It could still go either way.” | However, these reports have been challenged and an EU official has been quoted by Reuters as saying “It could still go either way.” |
The official added that a deal might not come on Wednesday or Thursday, as rumours suggest, but after Christmas. | The official added that a deal might not come on Wednesday or Thursday, as rumours suggest, but after Christmas. |
Another correspondent said that an EU official said talks had moved to the “end phase” but negotiations were still ongoing. | Another correspondent said that an EU official said talks had moved to the “end phase” but negotiations were still ongoing. |
An agreement would mark the end of an 11-month negotiation period, after Britain entered the transition period on January 31, 2020. | |
Rumours that a deal could be imminent have been circulating for the last 48 hours. | Rumours that a deal could be imminent have been circulating for the last 48 hours. |
The pound has made considerable gains throughout the afternoon, as observers wait for ‘white smoke’ in Brussels. | |
The yield on 10-year gilts jumped by eight basis points to as high as 0.276 percent, the biggest jump since Pfizer announced its Covid-19 vaccine was more than 90% effective on November 9. | |
Earlier on Wednesday, UK Housing Secretary Robert Jenrick told Sky News that he was “reasonably optimistic” that a deal would be reached by the two negotiating parties. | |
The British government has insisted that the UK would “thrive” without a trade deal, on so-called World Trade Organization or Australian terms, but has remained at the negotiating table until the bitter end. | |
In recent months, the world’s sixth largest economy and the 27-nation trade bloc were at odds over the issues of state aid and EU access to Britain’s fish-rich waters. | |
Without a deal, the existing free trade arrangement between the EU and UK would end on December 31. | |
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