Will pay $47-52 billion in Brexit divorce deal: Britain
EU-UK in Brexit deal
European banking shares were biggest gainers, pan-European share index rose 0.8 per cent.
Prime Minister Theresa May's spokesperson said today Britain will pay a financial settlement between $47-52 billion for leaving the European Union as Britain reached an agreement with EU officials over Brexit.
British officials today struck a deal at Brussels with the European Commission declaring that enough progress had been made in Brexit negotiations to allow a second phase of talks on future relations with the United Kingdom to begin.
European Union President Donald Tusk cautioned that in fact "the most difficult challenge is still ahead because it is much harder to break up and build a new relationship than just to divorce."
"We have de facto less than a year," Tusk added.
Britain will be paying into the EU budget until 2020 as part of the deal, AFP reported.
However, former leader of the UK Independence Party lashed out May saying: "It's not Brexit, a deal in Brussels is good news for Mrs May as we can now move on to the next stage of humiliation."
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The pro-EU Liberal Democrats, who have called for a second referendum on membership in the bloc, said: "How long before it's torn apart by her own MPs?
"It should be the British people, not Tory Brexiters and DUP, who get to decide whether this deal is good enough."
Campaign group Leave.EU said "our lily-livered politicians have sold the country down the river", adding the agreement was,"complete capitulation".
Shares across the continent surged on the news, Britain's FTSE 100 Index was higher through the day despite an early rally for the British currency. At one stage sterling gained half a percent to hit a six-month high of 86.9 pence against the euro but fell later.
European banking shares were biggest gainers, pan-European share index rose 0.8 per cent.
The EU wants the final version of the full withdrawal agreement from the 28-nation bloc by October 2018 to allow time for the British government and the European Parliament to approve the document.
The formal withdrawal date is set for March 29, 2019.