MNI BRIEF: Canada-Style Deal In Line With BOE, OBR Projections

UK Prime Minister Boris Johnson described the deal with the European Union as "a Canada style deal," the formulation used by the Office for Budget Responsibility and the Bank of England in current forecasts, suggesting that the deal contains no major surprises relative to their recent projections.

Johnson said there would be a UK parliamentary vote on Dec. 30 on the deal. He said that the deal envisaged that disputes over trade and the level playing field would be rare but that when they did occur they would be subject to "independent third party arbitration" which could result is tariffs or quotas being imposed. He said that the idea of 'dynamic alignment' where the UK would have to keep in line with future EU legislative changes had been ditched. The full deal has yet to be circulated.