Here’s some of the small print in the deal...

■ There is a financial settlement The deal includes a “financial settlement” from the UK, thought to be about £39bn (€45bn; $50bn).

■ Business will continue as before (for now)

EU laws continue to apply during the transition period until December 31, 2020.

The draft political declaration says that the aim is for trade without tariffs or quantity restrictions – but whether that is achieved depends on the deal struck.

On services – the UK’s dominant industry – the aim would be to have free trade based on the regulations of the country where the service is provided.

■ Policing

During the transition period, the UK will still be able to co-operate with EU police forces, as senior officers here had wanted

That means they can still use the European Arrest Warrant, they can still access EU missing people and wanted persons databases and take part in cross-border policing operations. However, it is not clear whether or not it will be possible to negotiate for this to continue after the transition period ends.

■ Energy

The deal envisages a framework so that gas and electricity networks across the English Channel can continue to flow. There will also be cooperation on nuclear safety – so crucial not just for power, but also for medicines. It envisages an “exchange of information” but with little detail how it will work.

■ Fishing

After the transition period, the UK will become an independent coastal state with control of its own waters.

In the mean time, the UK will be consulted on the setting of quotas to manage fishing stocks.

■ EU Budget

For 2019 and 2020, while the transition period is in force, the UK shall continue to pay into the EU budget. But any additional spending commitments made by the EU won’t apply to the UK.

■ The “transition period” can be extended

Now this could be extended – and crucially, we don’t yet know how long for. The deal covers to the year “20xx”.

Senior officials insist that it is only a draft and that the transition period can only be extended once. And it would be done by the UK making a request before June 1, 2020.

This request would be considered by an arbitration panel. That panel would have two UK members, two EU members and one independent member, chosen through a legal process. We don’t know who they’d be.

■ Goods face being checked between Northern Ireland and the rest of the UK

Under the “backstop” – a back-up plan if there’s no agreement for the Northern Ireland border – there would be checks on some goods between Northern Ireland and the UK.

Northern Ireland firms will access the EU Single Market “as a whole without restriction”.

This will mean Northern Ireland will have to apply EU law on industrial, environmental and agricultural goods. However the rest of the UK won’t, meaning some checks may be needed.

■ European courts will still have a big hold on the UK

Any judgments from the European Court of Justice handed down during the transition period will be binding on the UK.

And the “arbitration panel” that resolves disputes (see above) will not intervene in cases involving EU law.

Instead the European Court of Justice will rule on those questions.

■ The full document can be found on the UK Government’s website here: https://assets.publishing. service.gov.uk/government/ uploads/system/uploads/attachment_data/file/756374/14_ November_Draft_Agreement_on_ the_Withdrawal_of_the_United_ Kingdom_of_Great_Britain_and_ Northern_Ireland_from_the_ European_Union.pdf