European leaders have reached agreement on the first ever cut to the EU’s budget in its 56 year history.
Brussels will work to a ceiling of 960 billion euros between 2014 and 2020.
The deal will see a real term cut of around 3 percent.
European Council President Herman Van Rompuy told a press conference: “This is a budget of moderation. We simply could not ignore the extremely difficult economic realities across Europe. So it had to be a leaner budget. For the first time ever, there is a real cut compared to the last multi-annual financial framework.”
Negotiators spent the previous 24 hours of the EU leaders’ summit haggling over which areas of the budget could be trimmed.
In total, around 34 billion euros in both commitments and payments will be cut.
The deal must now be approved by the European Parliament which is likely to take several months and is far from guaranteed.
The EU calculates two budget numbers. As well as the ‘commitments’ figure of 960 billion euros, a lower ‘payments’ figure’ of 908 billion euros indicates what will actually be spent.
The payments figure was low enough to convince Britain, which focuses on payments rather than
commitments, that it was getting a satisfactory deal.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 3Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 4Ukraine: Donetsk rebel weapons factory blows up | euronews, world news
- 5Vatican rocked by another paedophilia scandal | euronews, world news
- 6Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 7British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 8Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 9Sweden becomes first European nation to recognise Palestine | euronews, world news
- 10Thousands ‘evade’ Ebola lockdown in Sierra Leone | euronews, world news
- 11How nasheeds became the soundtrack of jihad | euronews, world news
- 12Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 13Iceland volcano ‘pollutes Paris’ | euronews, world news
- 14Learning through “serious games” | euronews, learning world
- 15euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 16European Union News | euronews: latest breaking news and headlines about European Union
- 17Ebola: Six new suspected cases in Spain | euronews, world news
- 18International tv news | euronews: European and International tv news bulletin
- 19All you need to know about the Ebola virus | euronews, world news
- 20Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
Wires > News
- 09:48 CET U.S. military says air-drops weapons for Kurdish fighters near…
- 09:28 CET Polish president wants euro decision after 2015 vote – report
- 08:14 CET Japan needs to send officials to North Korea on abduction issue -…
- 08:08 CET Japan PM Abe suffers setback as two ministers quit
- 05:50 CET Mexico feds to replace 13 local police forces suspected of crime…
- 05:33 CET Indonesia’s Joko Widodo sworn in as president
- 05:17 CET Famed US-born translator and Chinese citizen, dies aged 98
- 04:18 CET Australia set to help China seize assets of corrupt Chinese…