UK and EU agree draft withdrawal deal

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UK and EU agree draft withdrawal deal

On Tuesday 13th November, the UK and the EU agreed a draft Brexit withdrawal deal.
  • The deal covers the terms under which the UK will leave the EU: the financial settlement, residency rights, a backstop to avoid a hard border in Northern Ireland and the transition period;
  • It does not establish the future trading relationship between the two sides, but it includes a statement outlining a trade deal;
  • The UK cabinet approved the deal following a lengthy meeting on Wednesday 14th November;
  • Mrs May must now bring the deal to parliament where she will need to secure the support of a majority of MPs;
  • Parliamentary approval is, at present, far from assured and three cabinet ministers have already resigned. The date for the vote has not been confirmed;
  • The EU will hold a special summit on Sunday 25th November to formalise the deal;
  • UK government bonds rallied on the morning of Thursday 15th November and sterling weakened against the US dollar;
  • Stocks deemed exposed to the domestic economy drifted lower, though broader measures of the UK stock market were little changed;
  • UK assets could remain volatile ahead of the parliamentary vote.

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