This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-europe-21386818
The article has changed 7 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| EU leaders agree budget cut deal in Brussels | EU leaders agree budget cut deal in Brussels |
| (35 minutes later) | |
| EU leaders have reached an agreement on the budget for 2014-20 after marathon talks in Brussels. | EU leaders have reached an agreement on the budget for 2014-20 after marathon talks in Brussels. |
| The deal was announced by European Council President Herman Van Rompuy, who said it was "worth waiting for". | |
| The new budget ceiling amounts to 960bn euros (£812bn; $1.3tn). It is the first-ever reduction in the EU's multi-annual budget. | |
| UK Prime Minister David Cameron - who had been pressing for cuts - hailed it as a "good deal for Britain". | UK Prime Minister David Cameron - who had been pressing for cuts - hailed it as a "good deal for Britain". |
| "I think the British public can be proud that we have cut the seven-year credit card limit for the EU for the first time ever," Mr Cameron said. | "I think the British public can be proud that we have cut the seven-year credit card limit for the EU for the first time ever," Mr Cameron said. |
| French President Francois Hollande - who had argued against big spending cuts - said it was a "good compromise". | French President Francois Hollande - who had argued against big spending cuts - said it was a "good compromise". |
| The agreement came after almost 24 hours of negotiations, as countries such as France and Italy sought to protect spending. | The agreement came after almost 24 hours of negotiations, as countries such as France and Italy sought to protect spending. |
| The budget amounts to about 1% of the EU's overall GDP - it is dwarfed by the combined national budgets. | The budget amounts to about 1% of the EU's overall GDP - it is dwarfed by the combined national budgets. |
| It must still be approved by the European Parliament, and MEPs had previously said they were prepared to block anything that amounted to an "austerity" budget. | It must still be approved by the European Parliament, and MEPs had previously said they were prepared to block anything that amounted to an "austerity" budget. |
| Responsibilities | |
| Mr Van Rompuy said the deal amounted to a cut of roughly 34bn euro in both commitments and payments. | Mr Van Rompuy said the deal amounted to a cut of roughly 34bn euro in both commitments and payments. |
| He said EU leaders had met their responsibilities by overcoming sharp differences, and he hoped the European Parliament would meet its responsibilities by passing the budget. | |
| European Commission President Jose Manuel Barroso said he would have preferred a budget closer to the Commission's original proposals. | |
| But he said he recognised that the deal was "the highest possible level of agreement that heads of government could reach with unanimity". | |
| While Mr Cameron has claimed a significant overall cut as a victory the reality is that the UK's contribution is likely to go up, because the UK's rebate - currently about 3.5bn euros - is shrinking, under a previous agreement. | |
| That was negotiated by former Prime Minister Tony Blair, to help fund the EU's eastward enlargement. |