Chancellor Rachel Reeves has described the UK’s post-Brexit deal with the EU has a ‘really big day’ which will help bring good jobs to the country.

Hosting a reception for business owners in Number 11 this morning, Ms Reeves said:

A couple of weeks ago we secured really ground breaking trade agreements with both India and the United States, so we have some of the best trading relationships with those countries of any country in the world.

But our biggest trading partners are our friends in the European Union, and for too long it’s been too difficult to export, to bring in talent, to trade with our nearest neighbours. That’s not good enough.

The deal today is about bringing more good jobs to our country, it’s about reducing prices in the shops for consumers and crucially its about our defence partnership with our allies.

Conservative peer Lord Rose said the Government’s deal with the EU was a ‘win’ and describing as a surrender is ‘pathetic’.

The former chairman of Marks & Spencer told Times Radio:

It has to be a win… it’s five years since we did the deal in 2020. But in reality, look what has happened in the world since then. There’s been massive global change. And the UK is finding itself increasingly stranded now. And we’ve got to find a role for ourselves.

No it’s nonsense. I really am quite disappointed and sad that I live in a country, you know, I am a Conservative, although I am not a politically active Conservative, I’m not a politician.

But to hear that the Conservatives are saying we must be rule givers and not rule takers. It’s about giving a bit, taking a bit, and understanding this is a very difficult, unpleasant world we live in. And we’ve got to make sure that for the UK public and for the UK, we do our best. That’s what we elect our politicians to do. That’s what I expect them to do. And talking about small things like surrender is pathetic.

At around 10:15am, the EU’s top diplomats and Keir Starmer are expected to convene at Lancaster House to sign a deal intended to ‘reset’ relations following the UK’s withdrawal from Brexit.

Starmer has said he wants a closer relationship with Britain’s biggest trading partner without rejoining the 27-nation bloc following a divisive referendum in 2016 in which the country voted to leave.

The government insist the deal will help reduce bills for UK consumers and increase border security but critics argue the UK is ceding sovereignty by agreeing to abide by EU rules once again.

Starmer will host the president of the European Council, Antonio Costa, and the president of the European Commission, Ursula von der Leyen.

We are expecting a press conference at around 12:30pm.

Reform leader Nigel Farage has said the UK-EU deal will mark the ‘end of the fishing industry’ following reports European trawlers will be allowed to use British waters for 12 years.

It comes after Ms Badenoch said details of the deal were ‘very concerning’ ahead of a summit in London this morning.

Conservatives have reacted furiously to reports the UK will allow the EU to fish in British waters for 12 years as details of the upcoming deal emerged.

Andrew Bowie, who was interviewed earlier on BBC Breakfast, posted on X:

If it is true that Labour has surrendered British waters to the EU until 2038, that is worse than a surrender, it is a total capitulation.

While Harriet Cross, MP for Gordon and Buchan, added:

If this morning’s reports are true that Labour have given the EU access to UK fishing waters until 2038, this isn’t a just a betrayal, it’s a complete abandonment of our fishing fleets.

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Almost a decade ago, the British people voted decisively to take back control from Brussels. Now Keir Starmer is seeking to put the EU back in charge.

He is doing so without any mandate, and in direct contradiction of previous pledges given to the public. Nowhere is this more true than on the issue of immigration.

Last week, the Prime Minister launched his new, supposedly tougher approach to border controls – so tough in its language that some on the Left accused him of adopting the rhetoric of Enoch Powell.

Conservative leader Kemi Badenoch has reacted as it emerges a 12-year deal has been reached to allow EU boats to fish in UK waters.

Ms Badenoch said the access is three times longer than the government wanted and that the development, reported to be a concession, is ‘very concerning’.

In a round of interviews this morning, Trade Secretary Jonathan Reynolds refused to confirm whether the deal has been finalised, but said there is a ‘real prize’ for the country.

Speaking to Times Radio, Mr Reynolds said:

The current deal has huge gaps in it, not just on areas to do with trade, but to do with security as well.

So this is about making people better off, about making the country more secure, about making sure there are more jobs in the UK.

He hinted that a youth mobility scheme would have a cap on numbers, insisting other existing arrangements were ‘limited’ and ‘targeted’.

It’s not the kind of access people had when we were members of the European Union. I think last year, we issued, as a country about 24,000 visas for the various youth mobility schemes.

So this is not immigration, it’s not freedom of movement. It’s something very different. Any scheme like this, if you look at the 13 we already have, they are capped, yes.

Sky News is reporting that a deal has been agreed and approved by the EU ambassadors’ committee.

As we wait on a final agreement between the EU and the UK, let’s take a look at what’s at stake in the deal and the sticking points between both sides:

• Free movement for young Europeans

The EU wants a youth-mobility scheme to give those aged 18 to 35 or so from across the bloc the right to live, work and study in Britain for three years.

For months the UK denied this was a possibility. Home Secretary Yvette Cooper is known to have opposed it because of the impact it would have on politically toxic immigration figures.

But ministers belatedly admitted it was indeed on the table. They have insisted it does not constitute a return to ‘free movement’ and pointed out that the UK already has similar arrangements with other countries.

• Cheaper fees for foreign students

As a result of Brexit, undergraduates from EU countries studying at English universities are now charged uncapped international rates rather than the £9,250 tuition fees paid by domestic students. Senior figures in Brussels are said to have called for EU students to pay the lower fees once more.

However, this would be a blow to university vice-chancellors, who have already seen crucial income from foreign students slashed because of last year’s visa restrictions.

• Following EU rules… and judges

One of Labour’s main demands in the talks has been to cut red tape for firms exporting food and animal products to the continent. Known as a Sanitary and Phytosanitary agreement, it should end most of the border checks that have held lorries up for as long as 16 hours on their way to the continent. Ministers hope this may lead to lower prices for shoppers. But it will also mean Britain must once more sign up to EU rules and update them as they change – so-called dynamic alignment – which ended with Brexit. Any disputes would again have to be resolved by the European Court of Justice.

• French boats catching our fish

Britain’s fishermen had hoped Brexit would mean they could reclaim UK waters, but under the original deal struck by the Conservatives, EU boats were granted continued access.

This is due to end in 2026 and the EU has been arguing it should become permanent, with France even suggesting a ‘hard link’ between fishing rights and the UK’s access to defence contracts. The Tories say ministers must not agree to a lengthy deal that only benefits France.

• British troops on Brussels missions

Military co-operation was not a feature of the Brexit deal, but Labour wants a defence and security pact in its reset with Brussels. Ministers are keen for UK arms firms to gain access to the £126million Security Action for Europe fund, set up by Brussels to help EU nations spend more on weapons. A diplomatic source told The Mail on Sunday Britain could have to pay ‘hundreds of millions’ for access.

Some fear the Defence and Security Partnership could mean British servicemen taking part in EU civilian and military operations.

• Passport queues at EU airports

Since Brexit, UK holidaymakers and business travellers have faced long waits at airport passport barriers because they could no longer queue with EU citizens. For frequent fliers it has been one of the most visible consequences of Brexit.

Ministers want Brussels to let UK citizens use ‘e-gates’ reserved for EU passport holders, which would mean quicker transit times and a tangible sign of improved relations with the EU.

The European Union last night increased its demands over fishing rights last night, delaying the expected agreement of a deal with Britain.

Led by France, the EU had called for a roll-over of the current five-year deal that grants its trawlermen access to UK coastal waters.

But at the last minute the negotiators said the arrangement should last far longer in return for lifting existing post-Brexit checks on lorry loads of food and animal products being exported from Britain to the continent.

One source told the Mail that the EU had suddenly asked for permanent access to British fish as a quid pro quo for Sir Keir Starmer being granted a so-called Sanitary and Phytosanitary (SPS) agreement that would see red tape for exporters lifted indefinitely.

Another insider said Brussels had put an offer of ‘a decade of fish’ on the table – access to UK waters for ten years – in return for scrapping the lorry checks.

The late intervention is believed to have threatened a delay in the agreement being signed today before it was reported this morning there had been an apparent breakthrough between the two sides.

• Read more about Brussels late night demand here

Here’s the front page story of today’s Daily Mail

by Martin Beckford, Policy Editor

Keir Starmer was last night warned he would betray Brexit if he agreed a deal that put the UK back under the control of the EU.

The Prime Minister is today set to sign an agreement at what has been dubbed his ‘Surrender Summit’ that will mean Britain must once more follow EU laws and abide by its judges’ rulings.

He is also poised to hand millions of young Europeans the right to live, study and work here for up to three years, risking his pledge to cut migration.

And the PM – who backed Remain then campaigned for a second referendum to undo the Leave vote – is expected to ‘sell out’ Britain’s fishermen by allowing French boats continued access to UK coastal waters.

Hello and welcome to MailOnline’s live coverage as Keir Starmer hosts EU leaders in London ahead of an expected agreement between the UK and European Union

The Prime Minister is set to sign an agreement at what has been dubbed his ‘Surrender Summit’ meaning Britain must once more follow EU laws and abide by its judges’ rulings.

The deal is intended to be a ‘reset’ in relations between the UK and EU after Brexit covering topics including defence, trade, fishing, and a possible youth mobility scheme

Talks were going down to the wire last night after the EU made surprise 11th-hour demands for the fishing rights to last a decade or more.

Stick with us for the latest updates throughout the day plus analysis and reaction with reporting from our political journalists in Westminster and Jamie Bullen in London.