Thread by @Usherwood

So, a quick round-up of the main points to note from this morning's #A50 agreement:

1/

It's only a rpt (from COM and HMG) to #EUCO, so still have to sign off on it next week, so not definitive yet

2/

Even if we assume #EUCO does sign off, the detail isn't locked in until end of #A50 negotiations and ratification, so nothing is legally banked

3/

However, this does mark out path that will be followed, if only by anchoring all future debate, so it does matter

4/

On all three issues, UK has moved very much more than EU on substance

5/

For finances, UK effectively member of budget arrangements to end of current financial cycle in 2020, while also winding down commitments in EIB etc

6/

For citizens' rights, largely takes EU line on protection of rights, w transitional role for CJEU, but several gaps on FoM still to address

7/

For IE border, commitment to protect open border by 'full alignment' to SM/CU in relevant areas, unless alternative arrangements

8/

This last suggests UK will shadow SM/CU in large part unless and until new models can be found. Allows UK to say it has own regs, EU to say there is no divergence

9/

However, big caveat is that most of text is about agreeing need to agree, not actual agreement. Cans have been kicked down road

10/

This means Phase 1 issues will still be live topics in coming year, alongside a much more complex Phase 2

11/

In short, it's progress, but not yet enough to ensure a final deal next year

/end