United Kingdom and European Union strike Brexit transition deal

It is welcome that they have finally struck a deal on transition and now the government must prioritise negotiating a final agreement that protects jobs, the economy and guarantees there will be no hard border in Northern Ireland.

He said the two sides have also reached an agreement on a transition period to help ease Britain out of the European Union once it officially leaves on March 29, 2019.

"The agreement of a status quo transition period is great news for trading firms on both sides of the Channel, as it means that they will face little or no change in day-to-day business in the short-term", he said, according to Reuters.

The NPA has welcomed a deal announced today on a 21-month transition period after we leave the EU. "Good progress I understand but let's see why Barnier and Davis have to say", a senior European Union source told AFP on condition of anonymity when asked if there was an agreement.

May, who reached an outline deal on the divorce with the European Union in December, said in a statement that the deal showed that "we can get an arrangement for the future which will be in the interests" of both sides.

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"But it remains our intention to achieve a partnership that is so close as to not require specific measures in relation to Northern Ireland and therefore we will be engaged in detail on all the scenarios set out in the joint report", he stated. However, he did say that there was more work to be done including resolving the Ireland border situation.

He also welcomed wording that gives Britain some say in European Union policy during the transition, notably on fishing quotas, and an ability to refuse to implement things it did not agree with - some of his Conservative party allies have complained that the transition deal would leave Britain a "vassal state" of the EU.

However, Barnier warned: "A decisive step remains a step; we are not at the end of the road and there still remains a lot of work to be done, including on Ireland and Northern Ireland".

After an "intensive" weekend of talks in Brussels, Barnier said the two sides were "in agreement on a large part" of the divorce treaty governing the terms of Britain's departure after four decades of membership.

The EU secured agreement that Britain would offer residence rights to EU citizens who arrive after Brexit but before 2021.

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"Agreeing transition is a critical milestone that will provide many hundreds of businesses with the confidence to put their contingency planning on hold and keep investing in the United Kingdom", she said. However, Britain also notched some gains it had pushed for.

We reiterate that nothing is agreed until everything is agreed and the European Parliament, as with the European Council, will decide independently whether the final negotiated withdrawal agreement is acceptable or not.

The most eloquent response to Monday's agreement on a Brexit transition deal was the silence of the Brexiteers on Theresa May's backbenches.

"We need to get on with this now", Davis said about the trade talks, adding that he wanted the future deal to be the "most comprehensive and most effective ever".

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