Reuters with sight of the EU draft for next stage of negotiations 8 Dec

  • transition period envisaged of around 2 years
  • UK will remain part of customs union, single market during transition
  • future trade deal can only be completed once UK has left EU
  • EU ready to engage in prelim future trade talks now
  • EU leaders to adopt additional guidelines on future relationship at one of their next meeting

UK education minister Gove:

  • deal is a significant personal triumph for PM May
  • full alignment means different institutions aim to achieve same goals
  • it will be UK judges to decide when cases go to ECJ in interim period
  • it seems clear we have a 2 year transition deal
  • Brexit bill will end up being rather less than press speculation

Window dressing all round still but hey let's hope a good final deal can be struck.

Meanwhile GBPUSD still holding back above 1.3500 as EURGBP remains below 0.8700

UK's Gove - Brexit bill will be less than expected