EU, UK reach deal to keep Britain in 28-country union, Cameron forced to make concessions
Dan Kitwood, AFP/Getty Images
• David Cameron secures seven year emergency brake
• Deal described as 'decent compromise' by EU leaders
• Sir Richard Branson: Brexit could lead to EU break-up
The European Union and British Prime Minister David Cameron reached a deal Friday to secure European Union reforms before a referendum on Britain's continued membership in the 28-nation alliance.
After two days of intense negotiations, EU President Donald Tusk announced the deal on Twitter late Friday in Brussels.
"Deal. Unanimous support for new settlement for #UKinEU," Tusk tweeted.
Cameron sought concessions before Britain's citizens vote in a June referendum on whether remain a part of the political and economic union. Polls show the British public is closely divided on the issue.
Cameron sought EU reforms in four key areas: economic competitiveness, members' sovereignty rights, welfare policies and the free movement of labor. The prime minister, who says he wants Britain to remain a member of the EU, had vowed to get what he feels is a better deal for British interests ahead of the vote.
EU summit deal, done to include seven-year emergency brake on migrant welfare claims allowing David Cameron to claim success.
EU leaders have agreed a deal which will also pave the way for an in/out referendum in the UK before the summer
EU Commission President Jean-Claude Juncker in a tweet called the deal "fair for UK, fair for 27 EU states."
Eastern European members of the EU objected to proposals made by Cameron that would restrict access to some social welfare benefits by EU workers living in the United Kingdom. France does not want Britain's financial industry, with which it competes for business, to be more lightly regulated than its own.
Mr Cameron departs after holding talks Photo: Bloomberg
Mr Cameron was forced to make significant concessions as he agreed to delay plans to curb child benefit payments for migrants after more than 30 hours of discussions.
After furious protests from Eastern European leaders Cameron agreed to delay curbs on child benefits for migrants for four years until 2020. He also agreed a seven year "emergency brake" on migrant benefits, having initially pushed for 13.
However he succeeded in winning an explicit opt out for Britain from the "ever closer union" of the EU, along with significant protections for the City.
After furious protests from Eastern European leaders Cameron agreed to delay curbs on child benefits for migrants for four years until 2020. He also agreed a seven year "emergency brake" on migrant benefits, having initially pushed for 13.
However he succeeded in winning an explicit opt out for Britain from the "ever closer union" of the EU, along with significant protections for the City.
The EU said it would hold a migrants summit with Turkey in March following talks at the meeting. “(The EU-Turkey) joint action plan with Turkey remains a priority and we must do all we can to succeed,” EU chief Donald Tusk said.
The EU has promised Turkey billions of dollars as well as concessions over its ambitions to join the group in return for more help clamping down on the number of people try to reach Europe. More than 2 million Syrian refugees are in Turkey.
A specific date for the summit has not been set. Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande were meeting on the sidelines of the summit Friday to discuss the migration crisis.
A study by Capital Economics, a consultancy, said the benefits of Britain leaving the EU versus staying in were finely balanced. It said Britain's financial services industry had more to lose in the immediate aftermath of a so-called Brexit — a British EU exit — than most other sectors of the economy, but it would not spell disaster.
“The (industry’s) competitive advantage is founded on more than just unfettered access to the single market,” the report said. “A European Union exit would enable the United Kingdom to broker trade deals with emerging markets that could pay dividends for the financial services sector in the long run.”
The EU has promised Turkey billions of dollars as well as concessions over its ambitions to join the group in return for more help clamping down on the number of people try to reach Europe. More than 2 million Syrian refugees are in Turkey.
A specific date for the summit has not been set. Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande were meeting on the sidelines of the summit Friday to discuss the migration crisis.
A study by Capital Economics, a consultancy, said the benefits of Britain leaving the EU versus staying in were finely balanced. It said Britain's financial services industry had more to lose in the immediate aftermath of a so-called Brexit — a British EU exit — than most other sectors of the economy, but it would not spell disaster.
“The (industry’s) competitive advantage is founded on more than just unfettered access to the single market,” the report said. “A European Union exit would enable the United Kingdom to broker trade deals with emerging markets that could pay dividends for the financial services sector in the long run.”
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