Brexit deal agreed between European Union and UK

Elias Hubbard
October 20, 2019

It comes as Brexit negotiations went on overnight in an attempt to reach a last-minute deal. ABG Advisory Managing Director Jackson Eisenpresser discsusses what's changed.

Just two weeks before the latest deadline for the United Kingdom's exit, Brexit remains uncertain with options ranging from an orderly departure to a chaotic exit or even another referendum that could reverse the entire endeavor.

"We've got a great new deal that takes back control".

EU Commission president Jean-Claude Juncker has called the deal "fair and balanced", tweeting: "Where there is a will, there is a #deal - we have one!"

Mr Juncker said he would recommend the 27 European Union nations endorse the deal during their summit later on Thursday (local time).

After Britain leaves the EU, Northern Ireland would still legally be inside the U.K.'s customs area, but it would begin collecting duties for the EU on products arriving from Great Britain that could eventually be destined for Ireland.

"If you didn't have a simple majority endorsing the continuation of these arrangements for Northern Ireland you're essentially making the case that a minority of people in Northern Ireland should be determining the future for the majority".

A Brexit deal has been agreed.

Meanwhile, the Democratic Unionist Party (DUP) has issued a statement this morning, Thursday, October 17, outlining that the party "could not support what is being suggested".

The negotiations concluded that Northern Ireland would follow Britain's customs laws, but would be subject to European Union rules with regards to tariffs, and would also remain in the single market for industrial goods and food products.

"The public would expect if the deal is passed, for MPs to do everything they can to pass it on time and yes we are confident that we can do that", she said. Yet British government ministers and European Union politicians say they hope the deal will pass and there will be no need for a further delay beyond October 31.

The pound fell 0.5 percent against the dollar and the euro within minutes of the announcement.

Both Mr Juncker and Mr Johnson have urged their respective parliaments to back the deal.

It is understood that the outstanding issues on Value-Added Tax and customs appear to have been concluded and there will be a statement from the EU's chief Brexit negotiator Michel Barnier later today.

The party has said it will not support the deal.

Negotiators in the Belgian capital worked intensively on Tuesday and Wednesday agree to a revised version of the withdrawal agreement, which could be put before parliament on Saturday.

Other reports by Click Lancashire

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