Great Britain and the European Union have finally agreed on a deal, 14 days before deadline day.
Great Britain was about to leave the European Union on October 31 2019, at 2300hrs without a deal.
However, according to the European Commission President Jean-Claude Juncker, a deal has been concluded.
“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 a testament to our commitment to finding solutions. I recommend that (EU summit) endorses this deal,” Juncker said.
Though the two parties have agreed in principle, the deal still needs to be backed by EU member states and by the respective parliaments.
Juncker said he would recommend the Twenty Seven EU nations to endorse the deal during their summit later today.
British Prime Minister Boris Johnson said: “We have a great new deal that takes back control.”
He called on British lawmakers to approve the agreement at a rare sitting of parliament on Saturday.
The news led to a great surge in the British Pound.
What is the European Union?
The EU is an economic and political union involving 28 European countries. It allows free trade and free movement of people to live and work in whichever country they choose.
The UK joined in 1973 (when it was known as the European Economic Community). If the UK leaves, it would be the first member state to withdraw from the EU.
Why is the UK leaving?
A public vote – or referendum – was held on Thursday 23 June 2016, to decide whether the UK should leave or remain.
Leave won by 52% to 48%. The referendum turnout was very high at 72%, with more than 30 million people voting – 17.4 million people opting for Brexit.