The deal – which will grant EU fishers access to British waters for an additional 12 years – will remove checks on a significant number of food products as well as a deeper defence partnership and agreements on carbon taxes.

The UK said the deal would make “food cheaper, slash red tape, open up access to the EU market”. But the trade-off for the deal was fishing access and rights for an additional 12 years – more than the UK had offered – which is likely to lead to cries of betrayal from the industry.

The two sides will also begin talks for a “youth experience scheme”, first reported in the Guardian, which could allow young people to work and travel freely in Europe again and mirror existing schemes the UK has with countries such as Australia and New Zealand.

The government said it would put £360m of modernisation support back into coastal communities as part of the deal, a tacit acknowledgment of the concession.