The fear of a no-deal Brexit has been finally put to rest as the United Kingdom and European Union have reached a trade deal after four long years of uncertainty.
UK Prime Minister, Boris Johnson proclaimed that the two countries have agreed on a positive trade accord that would prevail post-Brexit.
A senior source of at Downing Street stated, “We have taken back control of our money, borders, laws, trade and our fishing waters.”
On the other hand, President of the European Commission Ursula von der Leyen briefed that the deal was a ‘balanced’ one. She added that the EU single market had been protected and the fishing trade would be predictable for at least the next ‘five-and-a-half years’ without any accessibility concerns.
Reports say that there were 65 central issues presented in the final discussions and both sides claim to have won major concessions.
Critics say that several of the EU ‘wins’ were in the sector of crucial services, and nothing major on the provisions for financial services.
Nigel Farage condemned the deal even before it was announced. Labour has already said that they would not block any agreement.
The details and legalities will be examined in detail chaired by Sir Bill Cash.
The FTSE 100 rose by 20 points to reach 6,516 amid optimism that a deal would be reached. Overnight the pound sterling gained 0.6% against the dollar and 0.4% against the Euro.