Thread by @nicktolhurst

So you’ll understand it was Christmas so I had less time to wade through the deal detail.

But a small summary thread of why the EU is (quietly) congratulating itself this morning on the Brexit trade deal.

2/

Since 4.5 years the EUs criteria has been clear:

1. Maintain EU access to UKs traded goods market
2. Maintain EU unity
3. Safeguard EUs role as regulatory super-power
4. Safeguard EU single market

The EU achieved all 4.

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The EU-UK trade deal safeguards EU access to U.K. market for traded goods where the EU has a massive surplus..

....but reduces access for services where the UK has a surplus with the EU.

Financial services business & jobs will now continue to drift to EU and away from UK.

4/

EU unity has been maintained - indeed the process has drawn the Union together. Possibly the only discordant notes were a few grumbles from fishing communities as a few extra fish were thrown towards the UK to sugar the deal.

5/

EUs role as regulator is now confirmed. U.K. business will continue to abide by EU regulations.

UK adherence to EU criteria on state aid & LPF standards is confirmed with mechanism in place to punish UK transgression with tariff/access restrictions.

6/

No final equivalence for financial services or acceptance of UK service qualifications/certification means that a “service business drain” to the EU is effectively baked-in.

7/

One area where EU compromised was to increase UK fishing UK.

However these modest increased fishing industry rights - much less than UK fishing industry asked for - will likely be cancelled out by the increase costs UK fishing faces due to higher post-Brexit trade costs.