It’s official, four and a half years after the June 2016 referendum on Brexit, the United Kingdom and the European Union reached an agreement on Thursday, avoiding a “no deal” as politically embarrassing as it is damaging at the economic level.
European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson managed to wrest a historic compromise on Christmas Eve after months of negotiations. A press conference by Ursula von der Leyen and European negotiator Michel Barnier is expected in the afternoon.
This compromise between the European Commission and the United Kingdom has yet to be validated by the member states, a process which should take several days. This treaty is due to enter into provisional application on January 1, when the United Kingdom, which officially left the EU on January 31, will have definitively abandoned the single market.