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A late-night deal was struck with the European Union ahead of Monday’s major summit with Brussels chiefs Ursula von der Leyen and Antonio Costa.
There will be no change to current access to fish for coastal communities and no reduction in the British quota or increase in the quota the EU is allowed to catch, it is understood.
But the deal means European vessels will enjoy the same post-Brexit access they have had until 2038, 12 years after the current arrangement expires.
Further details of the deal are expected to be announced at the first UK-EU summit on Monday, at which Sir Keir will meet European Commission president Mrs von der Leyen and European Council president Mr Costa.
Other issues under discussion included defence and security, with a potential agreement allowing British firms access to a 150 billion euro (£125 billion) EU defence fund.
Deals on allowing British travellers to use e-gates at European airports, cutting red tape on food exports, and setting up a youth mobility scheme with the EU, were also thought to be on the table.
Sir Keir said: “It’s time to look forward – to move on from the stale old political fights and to find common sense, practical solutions that improve the lives of British people.
“Secure borders. Cheaper bills. More jobs.
“We will close a deal in the national interest.”
Business Secretary Jonathan Reynolds described the deal as a “solid eight” out of 10.
“I’m not the kind of man to get hyperbolic about these things, but look, this is a good deal for borders, for bills, for security in the UK and for jobs,” he told GB News.
Officials said talks on the deal with the EU went down to the wire on Sunday night, ahead of the landmark London summit.
Not all issues will be agreed at the talks, with discussions with Brussels to continue and summits planned every year.
Conservative leader Kemi Badenoch criticised the fishing agreement, saying: “Twelve years access to British waters is three times longer than the Government wanted.
“We’re becoming a rule-taker from Brussels once again.”
Mrs Badenoch and Reform UK leader Nigel Farage had already described the deal as a “surrender” before knowing the details.
Youth mobility could prove a major sticking point for the Opposition, and Mrs Badenoch said she feared it would involve a return to free movement “by the back door”.
The Tories have also set out a series of “red lines” on fishing rights, including ensuring exclusive access to Britain’s territorial sea and resisting “a multi-year agreement which only benefits France”.
The Liberal Democrats meanwhile have called for a new UK-EU customs union.
Published: by Radio NewsHub
Written by: Radio News Hub
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