Preparations for a final Brexit deal "far more advanced" than previously disclosed

UK Prime Minister Theresa May has secured concessions from the EU to keep the whole of Britain in a customs union, the Sunday Times reports, citing unnamed sources.

Northern Ireland will not be treated differently in the backstop. That likely solves the problem of a hard Irish border and paves the way for a Brexit deal.

At the same time, May is on course to secure a political deal on a "future economic partnership" with the EU. Such a move would keep open the prospect of a Canada-style free trade deal between the UK and EU.

"Cabinet sources say parts of it 'could have been written by Jacob Rees-Mogg,' the leader of the hardline Eurosceptics," the report says. It includes an exit clause that ensures the UK will not be locked into the agreement forever.

This is the clearest indication yet that a deal is imminent.

On Ireland, the EU will write an all-UK clause into the withdrawal agreement that means a Northern Irish backstop will not be needed.

Last week there was a report that Theresa May could put a Brexit deal on the table for her cabinet as soon as Tuesday. With that, she would demand to know whether they were on board or quitting cabinet.

The DUP also hinted there had been progress late last week.

This deal looks like something that can get through her cabinet and parliament. Naturally, there are still many people in her cabinet who would like her job and will try to find a way to stab her in the back.

As for GBP, this sounds like great news. Of course the details are going to matter and there's plenty of time before the market open for denials, rebuttals and contradictory stories.

Looking at the cable chart, you have to wonder if someone knew on Thursday that the pieces were falling into place. The report says Barnier revealed a major concession some time last week.

Update: A spokesman at the PM's office describes the story as 'speculation' and says negotiations are ongoing.

That's the kind of denial you expect.

Update 2: The talk of a Tuesday meeting appears to have been true. The UK cabinet will meet Tuesday and on Friday May hopes to have shown enough consensus for the EU to announce a special summit.