The UK has struck an 11th hour Brexit deal with the EU. Please manually refresh this page for updates.
1.16pm: Varadkar welcomes Brexit deal’s ‘unique solution’ for Ireland
Meanwhile, Irish Prime Minister Leo Varadkar said: “We have #Brexit Agreement that allows UK leave EU in orderly way. We have unique solution for NI that respects unique history and geography. Its good for Ireland and NI. No hard border.
“All-island and East-West economy can continue thrive. Protects Single Market & our place in it.”
1.01pm: DUP ‘unable’ to support new Brexit deal
The DUP has reiterated its dislike of Boris Johnson’s new Brexit deal, signalling that it is ready to oppose the withdrawal agreement in parliament.
“Saturday’s vote in parliament on the proposals will only be the start of a long process to get any withdrawal agreement bill through the House of Commons,” the party’s statement reads.
Earlier today the DUP said it “cannot support” Boris Johnson’s deal, citing concern over customs and consent as well as VAT.
Meanwhile Oliver Letwin has voiced his support for the deal, saying he will vote for it in Saturday’s crunch parliamentary vote.
12.05pm: New Brexit deal abandons ‘level playing field’ on UK tax
Dan Neidle, a partner at Clifford Chance, tells City A.M. that Boris Johnson’s Brexit deal has abandoned Theresa May’s commitment to keeping a level playing field with the EU on tax.
The original Withdrawal Agreement committed the UK to a “level playing field” on tax matters, including a commitment to implement OECD and EU rules countering tax avoidance and tax evasion. This has now gone. The intention is that it will be included in the future trade deal, but there is no guarantee of that.
This looks like a dramatic change – but in reality these commitments had very little real world effect. The UK took a leading role on the creation of the rules in question, and implemented them several years before EU law required it to. Hence, unless there is a radical change in approach by the UK Government, the “level playing field” on tax will continue regardless of what is agreed between the EU and UK. Tax has always been of marginal relevance to Brexit, and the idea the UK would or could become ‘Singapore on Thames’ continues to be a fantasy.Dan Neidle, head of London corporate at Clifford Chance
11.32am: Read the text of the new Brexit deal for yourself
Have you got a burning desire to join MPs as they (hopefully) read all the ins and outs of the legal text of Boris Johnson’s new Brexit deal?
Lucky you then, you can check it out here.
11.14am: Michel Barnier reveals DUP will lose Northern Ireland veto in new Brexit deal
The EU’s chief Brexit negotiator, Michel Barnier, has confirmed the DUP will lose its veto over whether new arrangements come into force in Northern Ireland.
These address the biggest obstacle that Johnson wanted to overcome – the so-called Irish backstop.
Under the new Brexit deal, this is what would happen to Northern Ireland:
- Checks at the border will return. This is because EU regulations will apply to all goods in Northern Ireland.
- Northern Ireland will stay inside the UK’s customs territory. That means NI will continue to benefit from UK trade policy, but it will also serve as an entry point into the EU’s single market. That means the UK will apply UK tariffs to goods from third countries – as long as those imports aren’t headed towar4ds the single market. In that case, thew EU would impose its own tariffs.
- Regarding VAT, Barnier said the Brexit deal will respect the UK’s thinking on digital goods while honouring the EU’s single market.
- A consent mechanism in place will allow the Northern Ireland assembly to decide if it keeps these arrangements in four years’ time.
11.06am: Jeremy Corbyn says Labour wants Brexit deal referendum
Opposition leader Jeremy Corbyn has denounced Johnson’s deal, saying it is “even worse” than predecessor Theresa May’s, which parliament rejected three times.
“From what we know, it seems the Prime Minister has negotiated an even worse deal than Theresa May’s, which was overwhelmingly rejected,” the Labour leader said.
“These proposals risk triggering a race to the bottom on rights and protections: putting food safety at risk, cutting environmental standards and workers’ rights, and opening up our NHS to a takeover by US private corporations.
“This sell out deal won’t bring the country together and should be rejected. The best way to get Brexit sorted is to give the people the final say in a public vote.”
10.53am: Boris Johnson and Jean-Claude Juncker hail ‘great’ new Brexit deal
An 11th hour Brexit deal has been struck, European Commission president Jean-Claude Juncker and Prime Minister Boris Johnson have said this morning.
Juncker tweeted: “Where there is a will there is a deal – we have one. It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions. I recommend that #EUCO endorses this deal.”
Prime Minister Boris Johnson, who is in Brussels for the European Council, tweeted: “We’ve got a great new deal that takes back control — now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment #GetBrexitDone #TakeBackControl.”
The deal pushed the pound up 0.925 per cent to $1.294 against the dollar.
However there is still no guarantee that Johnson will succeed in getting the deal over the line back in Westminster.
The DUP this morning said it would not back the deal “as things stand”. It is thought that position remains the case.
The Eurosceptic ERG and the pro-Remain rebels have both said they need to see legal text as early as possible, to scrutinise it before they could consider backing it during Saturday’s vote.
And this morning it emerged that Labour will back a motion to attach a second referendum to the deal.
But analysts welcomed this as a key moment.
Naeem Aslam, chief market analyst at Think Markets, said: “The pain is over and we are finally here! Brexit is done.
“We are seeing a lot of enthusiasm in the market on the back of the news that Brexit deal is done.
“Sterling’s three -month vol is insane and the price of sterling is soaring against the dollar. We expect this move to continue to explode and go beyond the 1.35 mark against the dollar.”
Main image: Getty