UK Cabinet Agrees To Free-Trade Deal With EU
British Prime Minister Theresa May and her government have agreed a "business-friendly" plan for Brexit.
Announced at the end of a crucial summit on Friday, the proposal seeks to preserve frictionless goods trade with the European Union, and avoid the border checks and tariffs most feared by manufacturing companies, according to CNN and the BBC.
Ministers have signed up to a plan to create a free-trade area for industrial and agricultural goods with the bloc, based on a "common rule book."
In return for unfettered access to its biggest export market, the United Kingdom would commit to following EU rules and regulations on goods. It would also accept a limited role for the bloc's top court.
They also supported what could amount to a "combined customs territory."
The BBC's Laura Kuenssberg said the plan, agreed to after a 12-hour meeting, would "anger many Tory Brexiteers."
In a statement, May said she would present the proposal to EU officials quickly. Both sides want a deal by October, before Britain leaves the European Union in March 2019.
Despite the show of government unity on Friday, the plan is likely to anger members of May's party who favor a clean break with the European Union. But it will be welcomed by companies in Britain and around the world.