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UK and EU negotiators have agreed a Brexit deal

Michel Barnier Theresa MayJack Taylor/Getty Images

  • Theresa May is set to put a Brexit deal to her Cabinet on Wednesday after UK and EU negotiating teams broke the impasse in talks.
  • Agreement on preventing a hard Irish border was reached two days of intensive talks.
  • Senior EU and UK sources tell BI there will be an emergency cabinet meeting on Wednesday afternoon.
  • May's government is braced for possible resignations.

LONDON — UK and EU negotiating teams have agreed on a Brexit deal which Theresa May will present to her Cabinet on Wednesday, senior UK and EU sources have confirmed to Business Insider.

A Cabinet source told BI that ministers are being briefed this evening ahead of an emergency Cabinet meeting on Wednesday afternoon.

Agreement between the UK and EU over how to prevent a hard-border with Northern Ireland over Brexit was reached during intensive negotiations held on Monday and Tuesday, sources told BI.

The negotiating teams agreed that there will be a UK-wide Brexit "backstop" if Britain fails to agree a comprehensive trading deal before the end of the two-year Brexit transition period.

The deal is set to include a UK-wide customs union backstop with Northern Ireland that would effectively keep Britain in parts of the single market.

Crucially the plan will not have a fixed end-date, as demanded by pro-Brexit MPs, but will have a "review clause" for deciding when it can end.

The pound rose 1.4% against the dollar on the news on Tuesday.

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