The British fishing industry is being warned that major compromises will be needed after Brexit, including allowing foreign vessels to fish in UK waters.

A parliamentary report by the Lords EU Energy and the Environment Sub-Committee says Britain's fishing industry will need continued access to European markets if it is to thrive after Brexit - which will mean offering the EU major concessions.

The report also warned that the interests of the fishing industry should not be sidelined in Brexit negotiations, even though it accounts for less than half of 1% of GDP.

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