U.K., EU agree on Brexit trade deal

Britain and the European Union struck an agreement on Thursday aimed at easing the transition to post-Brexit economies. Both sides say the trade deal benefits them. “We have taken back control of our laws and our destiny,” British Prime Minister Boris Johnson said, while European Commission President Ursula von der Leyen called the compact fair and balanced. Both entities have until Jan. 1 to continue trading without border controls such as customs declarations.

What does the deal do? It seeks to disentangle the economy of the United Kingdom from the 27-nation EU, particularly control of British money, borders, laws, and fishing waters. The EU agreed to give up one-fourth of the fishing quotas that maritime EU nations pulled from U.K. waters, while the U.K. agreed not to dismantle regulations to give itself an economic advantage over the EU. British nationals will need visas to live, work, or start a business in Europe.

Dig deeper: Read Onize Ohikere’s report in The Sift about the religious roots of the conflict over Brexit.