The UK and the EU have agreed a new trade deal, Sky News understands.
A UK government source said: “All in all, a good deal for all.”
The talks were the first since Boris Johnson agreed the initial Brexit deal in January 2020, when the UK left the EU.
Talks went “down to the wire”, with a breakthrough at about 10.30pm on Sunday, as UK fishing rights were said to yet again be one of the sticking points negotiators had to work through.
Sky News understands the EU wanted permanent access to UK waters for fishing, but they have agreed to access for 12 years.
There will be no change to the current access for UK fishing communities, with no reduction in British quotas or increase in the amount the EU is allowed to catch.
Fishing rights were a major part of the “Leave” campaign, although fishing only accounts for 0.4% of GDP.
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It is understood talks are continuing on a youth mobility scheme to allow people aged 18-30 in the UK and the EU to move freely between countries for a limited period of time.
EU relations minister Nick Thomas Symonds said it was a “historic day”.
“Good for jobs, good for bills, good for borders,” he posted on X.
“And more…Britain back on the world stage, with a government in the service of working people.”
Conservative leader Kemi Badenoch called the deal “very concerning” and said 12 years for fishing is three times longer than the government wanted.
“We’re becoming a rule-taker from Brussels once again,” she said.
“And with no details on any cap or time limits on youth mobility, fears of free movement returning will only increase.”
The UK government had set a deadline of 10am on Monday, with Business Secretary Jonathan Reynolds telling Sky News details were still being worked out just three hours before the deadline.
EU leaders are set to have a formal meeting at Lancaster House, with a news conference to announce the deal set for later.
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