Brexit deal

The European Union and the United Kingdom have reached an eleventh-hour agreement on a Brexit deal. The deal came just a week before Brexit becomes official on January 1. The deal put to an end some of the stress that people, especially in the UK, had regarding the implications of a no-deal Brexit on trade and travel. While the finer details of the agreement had not been made public immediately, we know that they will include exemptions on tariffs and from any trade quotas. The UK and EU will continue cooperating on environmental and climate change issues, along with energy, transport, and security.

Competition rules were not initially elaborated on, but European Commission President Ursula Von der Leyen did say that they "will be fair and remain so”. The British government says that the deal will cover over £600 billion worth of trade with the EU, which is also the country's biggest trading partner. Potential border delays caused by increased checking of goods trucks have also been averted. This could have cost the economy billions and led to problems in the delivery of perishable products.

However, even though an agreement has been reached, it still requires ratification from the EU and UK parliaments. While the UK parliament is due to meet on December 30 to vote on the deal, the EU parliament is not likely to meet before early January. Experts are saying that the deal will still come into effect on January 1, even if both sides haven't approved it by then. But less has been said of what would happen if the House of Commons rejects the deal.

There is also concern over how little time people and businesses will have to adjust to the new rules.

Regardless, Prime Minister Boris Johnson and Britain's 'leave' voters have their wish. Now Johnson must make his promises of post-Brexit prosperity come true. That may be a problem, since his own Office for Budget Responsibility said the UK would suffer further job losses, economic decline, and reduced export prospects after Brexit, even with a deal.