December 24th local time, British Prime Minister Johnson said at a press conference held at the Prime Minister’s Office in Downing Street that Britain and the European Union have reached a comprehensive Canadian agreement.
The agreement will protect British work so that British goods are sold on the EU single market without customs duties and quotas.
The full text of the agreement is expected to be released in the next few days and needs to be approved by the British and European parliaments. Johnson expressed his hope to vote on the agreement on December 30.
It is reported that the Labour Party, Britain’s largest opposition party, is expected to support the agreement.
The Office of Budget Responsibility, the economic watchdog of the British government, said that if no agreement is reached, national income will be reduced by 2% next year and will lead to a large number of unemployment.