European Union and United Kingdom begotiators have made progress in resolving some of the major differences that make the Brexit talks difficult.

That’s what initiates said to Bloomberg press office on Wednesday. According to the sources, progress raises the hope that an agreement can be reached at the beginning of November.

The two parties started in London with the text of an agreement on equal conditions of competition and were about to conclude a joint state aid document. The British and the EU are also closer to deciding how the possible agreement will be maintained.

Although the differences between the two parties are still considerable, particularly in terms of equal conditions of competition, enforcement and Fisheries, progress with the text is a sign that, after seven months of negotiations, they are a step closer to breaking the deadlock, the initiates think.

Without an agreement, Britain will leave the EU’s internal market and customs union on 31 December. If that happens, millions of consumers and businesses will be affected by the costs and distortions caused by the new tariffs, quotas and customs controls.

Debates continue in Brussels on Thursday. If the remaining differences of opinion are resolved by 3 November, British Prime Minister Boris Johnson and the president of the European Commission Ursula von der Leyen conclude a final compromise there, according to the initiates.