Labour MP Hilary Benn has said he believes any Brexit agreement will be a “thin deal” for the UK, and that he does not believe Boris Johnson deserves credit if he manages to secure one before 31 January. 

Speaking on BBC Breakfast, he said: “I’m afraid I don’t give Boris Johnson any credit at all, because I campaigned for Remain, I still think Brexit is a bad idea for the country economically and in terms of our influence in the world.

“This will be a thin deal, there’s no doubt about that whatsoever, and in time people will see the consequences.”

He added the PM has “finally learned” that the consequences of a no-deal Brexit would be “disastrous”, as negotiators edged closer to securing an agreement.

Chairman of Barclays UK Sir Ian Cheshire has said a trade deal with the EU would bring clarity to business.

He told BBC Radio 4’s Today programme: “This was pure politics. It was always the last minute sort of rabbit from the hat.

And I’m very glad that it appears we can carry on with our most important trading relationship.

And business can plan. I think that’s been the overriding issue for businesses over the last two years. They are occasionally accused of not being ready, and the question is – ready for what?

At least now we have got clarity and we can get on.”

Irish foreign minister Simon Coveney has said a last minute hitch related to fishing delayed the Brexit trade deal but an announcement is expected later on Thursday.

Boris Johnson “had been due to hold a news conference around now. That hasn’t happened. So there is some sort of last-minute hitch” related to “small text” of a fisheries agreement, Mr Coveney told Ireland’s RTE radio.

“I had hoped to be talking to you this morning in parallel with big announcements happening in both London and Brussels, but we still expect those later on today.”

Labour MP and chair of the Commons Brexit Committee Hilary Benn said he has “no doubt” parliament will approve legislation for a deal if one is brokered before 31 January.

He told BBC Breakfast: “The alternative is no-deal and that really doesn’t bear contemplation at all because of the damage it would do to the economy.

“What any deal is going to do is to make the consequences of Brexit for business less bad than they would otherwise be.

“Remember this is the first trade deal in history where one party has gone in knowing it will come out with worse arrangements than it went in with.”

He added: “I think not just over the next week but over the next few months, as Brexit actually happens… there are going to be big changes anyway from January 1 whether there is agreement or not and regardless of what’s in the agreement…

“Over time we will become more aware of what we can’t now do because we’ve taken it for granted.”

European Commission spokesman Eric Mamer said on Wednesday talks on a post-Brexit trade deal would continue overnight.

He said: “Work will continue throughout the night. Grabbing some sleep is recommended to all Brexit-watchers at this point.

“It will hopefully be an early start tomorrow morning…”

Hello, and welcome to The Independent’s rolling coverage of the Brexit negotiations.