Brexit Deal Possible in 24-48 Hours says "Cautiously Optimistic" Lidington

Britain's Prime Minister Theresa May is facing pressure from the EU as well as her own party. — Reuters pic

Brexit Deal Possible in 24-48 Hours says "Cautiously Optimistic" Lidington

"Cabinet Ministers have been invited to read documentation ahead of that meeting", the spokesperson said in a statement on Tuesday.

Tory Europhiles led by arch-Brexiteer Jacob Rees-Mogg have also threatened to vote down the deal which they have dubbed BRINO - "Brexit in Name Only".

Details of the agreement have not yet been released, but Nigel Dodds, the deputy leader of the Northern Irish Democratic Unionist Party told Reuters, "The trick will be for Theresa May, can she satisfy everyone?"

Boris Johnson, pro-Brexit Conservative MP and former United Kingdom foreign secretary, said the deal is "just about as bad as it could possibly be".

It will also have to pass a vote in the United Kingdom parliament, expected in mid-December.

"But what we are negotiating is immensely hard", May said.

Major British food manufacturer Premier Food told France 24 that it is preparing for any trading chaos that might arise if no deal is reached.

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

"Cabinet to meet early afternoon tomorrow. might be official confirmation soon".

Sterling hit a 7-month high versus the euro and rocketed beyond $1.30 on Tuesday after the United Kingdom and European Union agreed on the text for a Brexit divorce deal.

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However, the backstop is set not to come with a fixed end date, as demanded by pro-Brexit MPs, but with a "review clause" for deciding when it can come to an end.

The whole process should end on March 29, 2019 when Britain will officially leave the European Union, as determined in a referendum held in 2016. To get the deal approved she needs the votes of about 320 lawmakers in the 650-seat parliament.

Labour leader Jeremy Corbyn said his party would "look at the details" of the deal, "but from what we know of the shambolic handling of these negotiations, this is unlikely to be a good deal for the country".

"It is utterly unacceptable to anybody who believe in democracy", he added.

Ms. May's Brexit strategy has provoked much division within her own government.

May formally began Britain's divorce in March 2017, ushering in tortuous negotiations on everything from space exploration and fishing territories to selling complex financial products and the future of the land border on the island of Ireland.

According to both sources, a backstop will be implemented to avoid the problem of a hard border between Ireland and Northern Ireland.

The withdrawal agreement, the draft exit treaty, is already slated to be comprised of more than 400 pages of dense legal text.

The meeting had lasted until 2:45 a.m. without any significant breakthroughs as the European Union made a series of last-minute demands regarding the customs backstop, which were created to come into force if no long-term free trade deal is signed.

Elaborating on the deal, "The backstop will come in the form of a temporary UK-wide customs arrangement, with specific provisions for Northern Ireland, which go deeper on the issue of customs and alignment on the rules of the single market than for the rest of the UK", RTÉ News' Europe Editor Tony Connelly wrote.

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