British negotiators defused the Gibraltar crisis this evening by conceding to Spanish demands for a written clarification on Gibraltar. It states that any future trade agreement will only apply to the Rock with Madrid’s consent.

How significant is this? 1/ Undoubtedly, Spain is hyping this for political reasons.

Sanchez: “Europe & U.K. have accepted the demands put forward by Spain.”

The clarification was “the most important [agreement on Gibraltar] since Utrecht Treaty of 1713,” said Josep Borrell, Spain’s foreign minister. 2/