| What's Happening? The U.K. and European Union have struck a historic post-Brexit trade deal, avoiding an acrimonious divorce. It's been 1,645 days since Britons voted to leave the EU. Now, with just a week to go before the U.K. leaves the bloc's single market, a deal on the future is done. Negotiators toiled through the night in Brussels, though final agreement was delayed until late afternoon, after a species-by-species debate over fishing rights. When it was confirmed, European Commission President Ursula von der Leyen hailed a "fair, balanced agreement." U.K. Prime Minister Boris Johnson said the deal "resolves a long-standing and very difficult problem" and that it would protect jobs and enable companies to do more business with the EU.  Britain's Prime Minister Boris Johnson on Dec. 24 Photographer: PAUL GROVER/AFP Both sides quickly published summaries of the deal before the release of the full document: Here is the U.K. edition, and here is the EU version. In his introduction to the U.K. version, Johnson called it an "ambitious agreement" on free trade that restores national sovereignty. One of the EU documents, by contrast, highlighted how member states have a greater range of benefits and integrations than the U.K. will now enjoy. So what does it mean? In one sense, this will be a unique trade deal in that it actually increases trade barriers between the U.K. and its largest trading partner. Outside the EU's customs union and single market, life won't continue as smoothly as before.  Chief neogtiator Michel Barnier and European Commission President Ursula von der Leyen in Brussels on Dec. 24 Photographer: FRANCISCO SECO/AFP Companies will need to file new paperwork, and their products risk being held up at the border. Finance firms will lose their passport to offer services across the EU; and consumers will see their rights to live and stay on the other side of the channel curtailed. Even taking a pet dog to the continent will become more complicated. Business leaders were quick to welcome that a deal had been reached, but called for more time to adjust to the new rules, which will take effect in just a week. The deal needs to be ratified by both the British and European parliaments. Johnson said British lawmakers would be recalled from their holidays and will get a vote on Dec. 30. European ratification will take longer, and the deal will come into force provisionally on Jan. 1 before it is approved by MEPs. Yet the Christmas Eve deal may not draw a line under the U.K.'s relationship with the EU. As Tim Ross reports, the deal could be reopened if the two sides cannot resolve a dispute, potentially making Brexit a permanent battleground in U.K. politics. In addition, a memorandum of understanding covering regulatory cooperation of financial services has yet to be worked out. For now, though, attention is moving on, to the challenges of ratification and implementation. Four-and-a-half years of friction have led to a deal, not a dramatic economic rupture in the midst of a viral pandemic. – Adam Blenford What They Said"The clock is no longer ticking."
—EU chief negotiator Michel Barnier "Both sides worked tirelessly day after day in challenging conditions to get the biggest & broadest trade deal in the world, in record time."
—U.K. chief negotiator David Frost "This will come as a huge relief to British business at a time when resilience is at an all-time low. But coming so late in the day it is vital that both sides take instant steps to keep trade moving and services flowing while firms adjust."
—Tony Danker, Confederation of British Industry "The avoidance of tariffs and additional administrative hurdles will help minimize the effects from Brexit on our international production network and sales activities."
—BMW statement "There is no such thing as a 'good Brexit' for Ireland. From what we have heard today, I believe that it represents a good compromise and a balanced outcome. I believe the agreement reached today is the least bad version of Brexit possible, given current circumstances."
—Irish Prime Minister Micheal Martin "It's going to be difficult and it's why positioning the United Kingdom, if it remains United, will be so important. We have to be a 'Singapore-on-Thames,' on steroids, to avoid further marginalization."
—Martin Sorrell, S4 Capital Beyond BrexitWatch Bloomberg Quicktake, our new streaming news service with a global view and an informed take.  Click here for the latest maps and data on the spread of coronavirus. Sign up here for our coronavirus newsletter, and subscribe to our podcast. Want to keep up with Brexit?You can follow us @Brexit on Twitter, and listen to Bloomberg Westminster every weekday. Share the Brexit Bulletin: Colleagues, friends and family can sign up here. For full EU coverage, try the Brussels Edition. Like getting the Brexit Bulletin? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters. | 
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