At last we have a breakthrough to steer away from the cliff

IT turns out someone was listening to business. After weeks of heated argument on Brexit and increasingly loud warnings coming from industry, the Government has cracked open a deal that looks like it will satisfy many (let’s just accept that some people will never be happy).

A sensible compromise has been put on the table with a blueprint for free movement of goods – the holy grail of ‘frictionless trade’ – that business always wanted.

Theresa May will now take the plan that would see Britain remain partially in the European Single Market to the negotiating table and present it to the EU.

There will be no hard border with Ireland, a promise of increased control of immigration and a freedom to strike trade deals around the world.

There is some nervousness that the details, most of which still need to be hammered out, could prove problematic. That is likely to present the more theatrical of Brexiteers various opportunities to flounce.

In short, there will be twists and turns in the path, even though the end point has been marked.

It’s two years late, but never mind. And we have Theresa May to thank for pulling together a Cabinet whose brawls have spilled out on to the streets – and into the pages of newspapers – with entertaining regularity.

But thankfully, Boris did not follow through with his dismissive rhetoric. Like the twilight before dawn, it seems the darkest moments were just before the first rays of light on Britain’s future began to shine through.

Business will now be looking to the time when they can press the button on investments that have been put on hold for the past 24 months.

When that happens, we may actually see a real Brexit dividend as pent-up industry spending is released and the rest of us can get to work and look ahead with a little more clarity. But we are not there yet. The hard work begins here.

Politicians – and particularly Theresa May – can be praised for their hard work. But rival factions in the Cabinet, and in the wider Government, will still need to be appeased.

Add to that European negotiators, who have tentatively welcomed Friday’s Brexit peace deal, but will be no pushovers.

The Government has also promised to devise a plan for service industries, which make up almost 80 per cent of the British economy and have so far not been included in the deal because they do not physically pass borders. But it has given assurances that is high on the agenda.

What we have is a breakthrough. But it is one that was too long in coming and we are still far from a final deal ahead of next year’s March deadline. Many business are still taking the cautious view that they will prepare for the worst. Businesses are also still dealing with a weaker sterling – which as a consolation could well receive a lift from Friday night’s news.

Worse than all that, in my view, is the toxic divisions that have been exposed in our society. They will fester for years, if not decades, to come. The damage – which many Brexiteers would regard as collateral - has been done.

A ‘no deal’ Brexit, which is what some still hanker for, cannot be ruled out. Let’s hope we can work together to avoid the cliff edge because, if the wisest heads in business are to be believed, there is to be no doubt that economic pain would follow.

Theresa May has pulled together a Cabinet whose brawls spilled out on to the streets