Yesterday, Prime Minister Boris Johnson landed a historic Brexit trade deal with the European Union just days before the end of the transition period on December 31. But economic professor Yanis Varoufakis has issued a dire Brexit warning.
The former Greek Minister of Finance tweeted: “So, we have a thin EU-UK trade deal.
“Better than nothing.
“But the real negotiations will begin after June when no on is paying attention.
“For now, Horace’s phrase suffices: Parturient montes, nascetur ridicules mus, or The mountain went into Labour and Begat a Ridiculous Mouse.”
More than four years on from the referendum vote to break free from Brussels, the Prime Minister clinched an agreement for zero-tariff trade to continue between the UK and the bloc from the end of the post-Brexit transition period next week.
Officials were still checking the fine details of the treaty’s text yesterday but formal confirmation of the deal was announced hours later.
Announcing the deal on Twitter the Prime Minister said “the deal is done” and shared a picture of a beaming Mr Johnson giving two thumbs up in the Cabinet Room.
Mr Johnson spoke to Ms von der Leyen over video call from the room inside No10 to sign off on the deal once it was finalised by Lord Frost and Mr Barnier.
READ MORE: Keir crisis: Labour MPs set to rebel against whip and vote down Boris
A No10 source praised the deal agreed between the two sides, saying: “We have delivered this great deal for the entire United Kingdom in record time, and under extremely challenging conditions, which protects the integrity of our internal market and Northern Ireland’s place within it.
“We have got Brexit done and we can now take full advantage of the fantastic opportunities available to us as an independent trading nation, striking trade deals with other partners around the world.”
After the UK left the EU on January 31, Britain entered an 11-month transition period where it was outside of the bloc but still bound by Brussels’ rules with continued access to the single market.
Parliament in Westminster must now vote on the deal before the end of the year for the new trade agreement to come into force on January 1.
Gibraltar crisis: Brexit backlash over battle to keep border open [REVEAL]
Alastair Campbell calls on Labour to not support Brexit deal [COMMENT]
Varakdar pays the price: Ireland to suffer due to Brexit arrogance [INSIGHT]
“We have taken back control of our money, borders, laws, trade and our fishing waters,” the No10 source said listing the benefits of the deal.
“A points-based immigration system will put us in full control of who enters the UK and free movement will end.”
The UK’s Brexit negotiator, David Frost said: “I’m very pleased and proud to have led a great UK team to secure today’s excellent deal with the EU.
“Both sides worked tirelessly day after day in challenging conditions to get the biggest & broadest trade deal in the world, in record time.
“Thank you all who made it happen.
“Today’s agreement does more than just deliver a zero tariffs deal. It covers areas such as services, aviation, road transport, social security, health, fisheries, and, crucially, law enforcement.
“And it allows us to participate in the Horizon scientific research programme.
“It also restores Britain’s sovereignty in full. EU law ceases to apply; the jurisdiction of the European Court of Justice ends; there is no alignment with EU rules; and our Parliament sets all laws for our country once again.
“Our country begins a new journey as a fully independent country once again on 1 January.
“Our future and our prosperity are in our hands. I am confident we will thrive and succeed.”