Britain's EU Membership Deal Allows Britain to Get 'Best of Both Worlds'

The deal on UK membership of the European Union reached by London and Brussels will enable the former to get "the best of both worlds," UK Chancellor of the Exchequer George Osborne said Saturday.

MOSCOW (Sputnik) — EU leaders met in Brussels on February 18-19 to discuss the United Kingdom’s future in the European Union. On the second day of the summit, an agreement on Britain’s EU reform proposals was reached.

Talking to @BBCr4today shortly about special status for UK in the EU negotiated last night by @David_Cameron ahead of #EUreferendum

— George Osborne (@George_Osborne) 20 февраля 2016

"We get the benefits of free trade without the costs of the eurozone. We get the benefits of free movement and travel, while at the same time dealing with the something for nothing culture of welfare. We get the security of being in the EU without being tied to an ever-closer union," Osborne said, as quoted by the BBC.

He added that Britain is "stronger, safer and better off in the EU" while the alternative represents "a huge leap into the dark" with attending risks for the country, its economy and security.

British Prime Minister David Cameron has been negotiating for EU reforms ahead of a referendum on the issue of the country's EU membership that Cameron promised to hold before the end of 2017.

After the Friday agreement was reached with the European Union, Cameron said he would campaign for Britain staying in the bloc as the new deal guaranteed a special status for the United Kingdom within the European Union and delivered on the reform commitments the prime minister had made.