Getting the deal through the UK parliament looks very challenging

"The EU council approved the deal agreed between the EU and the UK on 25 November, thereby concluding almost 20 months of negotiations," note Rabobank analysts.

Key quotes

"This political declaration sets out the intentions for future negotiations, an ambitious, wide ranging and balanced economic partnership that is at the core a comprehensive Free Trade Agreement with some arrangements on customs. The declaration also reveals areas on which the EU and the UK envisage maintaining close ties, such as aviation and short term mobility."

"However, given the non-binding character and the role to appease to various Brexit factions in the UK Parliament, we should take the political declaration with a grain of salt."

"Having passed the approval of the EU council, the deal now moves to the UK Parliament for approval. Getting the deal through the UK parliament looks very challenging but still possible. Moreover, the threat of a leadership challenge by the Conservative party persists. Meanwhile, we still see an orderly Brexit as the most likely outcome, but the chances of a ‘hard Brexit’ remain almost as high."

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