Key terms of Brexit deal explained in five points: What we know so far

UK and European Union negotiators have finalized their historic post-Brexit trade agreement. "The deal is done," was the message posted on social media alongside an image of a jubilant UK Prime Minister Boris Johnson with his arms in the air, moments after news of a post-Brexit free trade agreement hit the headlines on Thursday. The Parliament has been recalled to sit on Dec. 30 from 0930 GMT. It will debate and vote upon the legislation needed to put the bill into law.

Why is Brexit such a big deal? For Britain, Europe is the most important source of foreign investment and its membership in the EU has helped London cement its position as a global financial centre.Threats from major businesses to leave Britain over Brexit have become quite frequent. According to government estimates, the country's economy would be four to nine per cent smaller under Brexit. While a successful Brexit could be a boon for the working-class that sees immigration as a threat to their jobs, young Britons who dream of studying abroad are apprehensive.