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Brexit agreement is a Eurofudge, but that’s okay

Financial services sector can take heart from the fact that a 'no-deal' scenario now appears less likely

UK Prime Minister Theresa May and Donald Tusk, president of the European Union Getty Images

The Brexit agreement announced today is a tasteless Eurofudge. But that's not a problem, it is actually a very good thing.

It might seem the UK is now committed to paying the so-called Brexit bill, and that there is a solution to the Northern Irish question, but the agreement is purely political and in practice, commits the UK to nothing. It is dependent on a trade deal being signed next year; if not, the UK could still walk away.