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European Union leaders are poised to reach an agreement on spending plans for the next seven years.

It is reported that the figure for the bloc’s budget will be set at 960 billion euros.

If the deal is agreed it will be seen by some as a victory for British Prime Minister David Cameron who had called for cuts. It is the first time in the EU’s history the budget will have been slashed and comes after a series of meetings and gruelling talks between the leaders.

“The past weeks have been productive and I am confident that around this table we can now settle on a final compromise. We simply have to,” said Herman Van Rompuy, European Council President.

It’s believed German Chancellor Angela Merkel backed David Cameron. A reduction in the EU’s administrative budget is understood to be on the table.

But any deal could still be blocked by MEPs. The speaker of the European Parliament, Martin Schulz has threatened to veto any cuts in the size of the budget.

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