The Brexit trade deal has moved a step closer to being passed, with unanimous approval granted by EU member states. The move means the agreement can come into operation on New Year’s Day – even though the European Parliament will not give its approval until February. The agreement softens the economic damage from leaving the EU – by avoiding having no deal at all – but is still expected to lower GDP by between 4 and 5 per cent, over 15 years. It means Britain and the 27-nation bloc can continue to trade in goods without tariffs or quotas, but cross-Channel traders face a mountain of costly new red tape from 1 January. The livelihoods of professionals are threatened because their qualifications will no longer be recognized in the EU and the City of London has been left in limbo.
EU ambassadors formally approve Brexit trade deal
