Michel Barnier to make Brexit announcement

EU's chief negotiator Michel Barnier during talks on a post-Brexit trade deal - Credit: PA

The EU’s chief negotiator is reportedly set to make an announcement on Brexit on Tuesday.

Barnier will update EU ambassadors at 3pm GMT before addressing MEPs at 5pm.

It comes after reports overnight on Boris Johnson’s new compromise on fishing arrangements.

According to EU sources, British demand for a 60% reduction in the catch by value in British waters had been reduced to 35% in a “final offer” from Number 10, close to the 25% reduction that Barnier had said he was willing to accept.

The Guardian reports that “Johnson has also accepted a five-year phase-in period for the new arrangements, with a compromise also likely on the application of tariffs or export bans on goods where fishing access changes after the phase-in period”.

Despite the significant shift from Number 10, EU officials speaking to Bloomberg say the bloc is likely to reject the concessions, as member states with large fishing fleets asked by Ursula von der Leyen’s senior team to think over the offer.

Nonetheless MPs are being lined up to vote on a possible deal at the end of next week – with a decision expected hours before the end of the transition period.

On Monday the prime minister was criticised for seemingly laughing at the prospect of a no-deal Brexit, after he was asked whether the UK was likely to leave with or without a deal in the next week.