LONDON - Britain struck a draft divorce deal with the European Union after more than a year of talks, thrusting British Prime Minister Theresa May into a perilous battle over Brexit that could shape her country's prosperity for generations to come.

While Brussels choreographs the first withdrawal of a sovereign state from the EU, May, a far from secure leader hemmed in by opponents in government and her own Conservative party, must now try to get the deal approved by her cabinet and, in the toughest test of all, by parliament.

Brexiteers in May's party accused her of surrendering to the EU and said they would vote the deal down while the Northern Irish party which props up her minority government questioned whether she would be able to get parliamentary approval.

"These are momentous days and the decisions being taken will have long-lasting ramifications," said Arlene Foster, leader of the Northern Irish Democratic Unionist Party (DUP) which keeps the government in power.

"The prime minister must win the support of the cabinet and the House of Commons. Every individual vote will count."

The British cabinet will meet at 1400 GMT on Wednesday to consider the draft withdrawal agreement, a Downing Street spokesman said after Irish and British media were leaked details of the agreement on the text.

Sterling, which has seesawed since reaching $1.50 just before Britain's 2016 referendum that saw a 52-48 percent margin for leaving the EU, surged on news of a deal but then erased some gains as opponents lined up to criticise May.

Brexit will pitch the world's fifth largest economy into the unknown and many fear it will serve to divide the West as it grapples with both the unconventional presidency of Donald Trump and growing assertiveness from Russia and China.

Supporters of Brexit say that while the divorce might bring some short-term instability, in the longer term it will allow the United Kingdom to thrive and also enable deeper EU integration without such a powerful reluctant member.