UK and EU agree text on Brexit divorce deal, to be discussed at emergency Cabinet meet

"Cabinet will meet at 2:00 pm (1400 GMT) tomorrow (Wednesday) to consider the draft agreement the negotiating teams have reached in Brussels, and to decide on next steps," Downing Street said in a statement.

“Cabinet ministers have been invited to read documentation ahead of that meeting,” the spokesman said, after British media were leaked details of the breakthrough

A European source said a technical agreement had been struck but still needed political approval both on the British and European sides.

Britain will formally split away from the other 27 EU nations on March 29, even if no final agreement clears all the hurdles both in the Britain and the EU.

The threat of a calamitous no-deal Brexit, in which no clear trade rules are set by March between the bloc and one of its largest economies, have weighed heavily on the negotiations.

May's government hopes that lawmakers in both chambers will rally around the deal once its text is set in stone, boosting investor confidence.