The European Union and Britain have agreed to a draft text of a Brexit withdrawal agreement and Prime Minister Theresa May will present it to her senior ministers on Wednesday, after more than a year of tortuous negotiations.
While officials choreograph the first withdrawal of a sovereign state from the EU, it remains unclear whether May can get any deal approved by the British parliament as hardline Brexiteers said she had surrendered to Brussels.
"Cabinet will meet at 2 p.m. (1400 GMT) tomorrow to consider the draft agreement the negotiating teams have reached in Brussels, and to decide on next steps," a spokesman at May's Downing Street office said.
"Cabinet ministers have been invited to read documentation ahead of that meeting," the spokesman said, after Irish and British media were leaked details of the breakthrough.
A senior EU official confirmed that a draft text had been agreed upon. EU leaders could meet on Nov. 25 for a summit to seal the Brexit deal if May's cabinet approves the text, diplomatic sources said.
Sterling, which has seesawed since reaching $1.50 just before Britain's 2016 referendum that saw a 52-48 percent margin for leaving the EU, surged to $1.3036
Brexit will pitch the world's fifth largest economy into the unknown and many fear it will help to divide the West as it grapples with both the unconventional presidency of Donald Trump and growing assertiveness from Russia and China.
Supporters of Brexit say that while the divorce might bring some short-term instability, in the longer term it will allow the United Kingdom to thrive and also enable deeper EU integration without such a powerful reluctant member.