Sam Francis
Political reporter

Image source, Reuters

The UK and the EU have reached a new deal setting out post-Brexit relations on areas including fishing rights, trade and defence.

While we wait for more details, let's have a quick scan through the key elements of the series of deals:

On fishing...

• It will keep the current fishing status quo giving EU boats continued access to UK waters until 2038
• The UK will continue to agree yearly quotas with the EU and Norway and issue licences to control who fishes in its waters

On food...

• The UK will get reduced checks on food exports to the EU
• The new sanitary and phytosanitary (SPS) agreement means the UK can sell raw burgers and sausages back into the EU for the first time since Brexit

On defence...

• A formal UK-EU defence and security pact has been established, which the government says "paves the way" for UK-based arms firms to access the Security Action for Europe (Safe) - a £150bn EU fund providing loans for defence projects

On port checks and youth mobility scheme...

• The UK and the EU have agreed to co-operate further on a "youth experience scheme" - but this will be subject to further negotiations
• British holidaymakers will be able to use e-gates at more European airports - although it is not yet clear when this will come into force

Image source, EPA

As we've been reporting, Keir Starmer has just held a news conference with European Council President António Costa and European Commission president Ursula von der Leyen.

As we keep bringing you all the reactions and analysis, here’s a quick recap of what they’ve said:

• Starmer says Britain is back on the world stage and calls it a "landmark" deal between the EU and UK
• European Commission President von der Leyen calls it a "historic moment"
• Our political editor asks if Starmer has "sold out" UK fishermen to get this deal, but both Starmer and von der Leyen say the agreement could bring stability for people working in the fishing industry
• Starmer didn't give a figure when asked how many EU young people would be acceptable to come to the UK under the youth mobility scheme
• When asked if there are plans for the UK to re- the customs union, European Council president António Costa says "this is the past"

Trade-offs for the EU deal remain but have changed in recent monthspublished at 14:07 British Summer Time 19 May

14:07 BST 19 May

Faisal Islam
Economics editor

There are trade-offs here, however.

Fishing concessions offered by Boris Johnson have been extended by 12 years, in exchange for a permanent arrangement on food and farm exports.

The fishing industry is worth £1bn a year in total, whereas food and farm exports to the EU alone are worth £10bn.

Even within fishing, these arrangements will help those selling into the EU, langoustines from South Shields that are the toast of Parisian restaurants, monkfish for Spain and Scottish salmon exported to Europe.

The UK will have to align with EU food standards as they change and have some input, if not a veto.

One of the principal objections to this, in the era of Brexit political turmoil, was that such a deal would shut out the possibility of global trade deals, especially the US.

The government has already signed some of the big global trade deals. The US istration itself has downplayed its concerns over changing UK food standards away from Europe.

So while trade-offs remain, the nature of those trade-offs has changed in recent months.

The EU deal should be worth more than India dealpublished at 14:07 British Summer Time 19 May

14:07 BST 19 May

Faisal Islam
Economics editor

We have been watching the ins and outs of this deal for the last few months, but it has its roots in how Brexit altered the UK's relationship with the EU.

In particular, this move represents an attempt by the Labour government to deal with the economic frictions which were caused by the way Brexit was implemented by the previous istration.

This deal should solve some of the bureaucracy and red tape that Brexit brought on, in particular for food, farm and fish exports, and was one of the concrete promises of Labour’s general election manifesto.

In some ways it is a rather narrow economic deal. However, the UK’s trade with the EU is so colossal that it should be worth more than, for example, the India deal: £9bn a year by 2040, versus £5bn a year for India.

Image source, PA Media

The details of the deal were announced in a press release ahead of the prime minister’s news conference with António Costa and Ursula von der Leyen.

Shortly after the announcement, Conservative leader Kemi Badenoch said she was "gobsmacked" by the series of deals the prime minister has signed.

Badenoch called the deal "a sell-out on fishing" and said Keir Starmer has taken the UK "back to square one".

"We should be using opportunities of leaving the European Union and not taking steps back," she said.

Badenoch did welcome news on e-gates access in European countries and pet ports, but said she has concerns about what the UK has given away in concessions.

Image source, EPA

We're at the final part of the news conference, where Starmer shows some disbelief at how quickly today’s deal with the EU was delivered.

“In six months or so we’re able to agree this broad range ... of issues,” he says. “In the past I genuinely think it would have taken very much longer to reach any one of these strands of the agreement.”

Von der Leyen agrees, saying that for the EU’s €150 billion (£129.3 billion) security package, “it’s a question of - I hope - only a few weeks, and then we should be done.”

With that, the news conference marking the first ever post-Brexit summit between the EU and UK comes to a close.

Stay with us as we keep bringing you all the reactions and expert insights.

A Dutch news agency asks why a permanent solution to fishing wasn’t agreed and whether it’s still on the table in future talks and summits.

“What we have achieved today is looking forwards not backwards,” Starmer says.

Von der Leyen says the agreement brings stability for fishermen and fisherwomen on both sides of the English Channel.

Twelve years allows for good investment, she adds.

A journalist asks Starmer how many EU young people would be an acceptable number to come to the UK.

Von der Leyen is also asked if the EU will wait for a more detailed agreement before starting the scheme.

Starmer doesn’t give a specific figure, but says the scheme is not “uncapped”.

Everything will be done through “mutual agreements” going forward, he says.

Von der Leyen says what’s important is to sort out all the detail, but says the “political will” is clearly stated in the paper.

“This is good news for the young people,” she says.

Image source, Reuters

The press conference has now moved to questions from the EU press corps.

The first question is about how to protect the rights of EU citizens living in the UK.

Starmer says today's deal "builds on the agreements that we have", adding that his government will stick to the existing agreements with the EU.

Von der Leyen, when asked about the EU's lawsuit last year against the UK over free movement, says it is part of the "normal process" to seek legal clarity.

Costa goes further, saying "he's very satisfied" because there is now a roap to deliver for both EU and UK citizens.

European Council President António Costa is asked if there are any plans for the UK to re- the customs union at future summits.

"This is the past," Costa replies. "Now with Keir Starmer we are turning the page. Look at the future, we are closing the gaps, but building on a new strategic partnership.

"A very ambitious road map not to return to the single market, not to return to the customs union but to do better together as neighbours, partners, allies and friends."

Image source, Reuters

Next, a journalist brings up the Scottish Fishermen’s Federation, which earlier today called the new deal “a horror show for Scottish fishermen”.

The prime minister is then asked, "have you been stitched up like a kipper">