• Reuters

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Britain and the European Union agreed on Monday to a transition period to avoid a “cliff edge” Brexit next year — though only after London accepted a potential solution for the border with the Irish Republic that may face stiff opposition at home.

The pound surged on the confirmation that Britain would remain as effectively a nonvoting EU member for 21 months until the end of 2020. Some business leaders, however, echoed a warning from EU negotiator Michel Barnier that the deal will be legally binding only if London ratifies the whole withdrawal treaty by March 2019.

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