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| Version 4 | Version 5 |
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| 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 lengthy talks in Brussels. | EU leaders have reached an agreement on the budget for 2014-20 after lengthy talks in Brussels. |
| European Council President Herman Van Rompuy announced the deal and title="Herman Van Rompuy final statement" >said in a statement it was "worth working for". | |
| The href="http://consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/135344.pdf" title="link to EU budget " >new budget ceiling amounts to 960bn euros (£812bn; $1.3tn). It is the first time the EU's multi-annual budget has been reduced. | |
| 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". |
| German Chancellor Angela Merkel also welcomed the deal, which represents a 3.3% reduction from the previous seven-year budget. | German Chancellor Angela Merkel also welcomed the deal, which represents a 3.3% reduction from the previous seven-year budget. |
| "From my point of view this agreement is good and it is important because it gives us the ability to act in Europe in the coming years," she said. | "From my point of view this agreement is good and it is important because it gives us the ability to act in Europe in the coming years," she said. |
| "It gives us the ability to plan for important projects and with a view to growth and employment". | "It gives us the ability to plan for important projects and with a view to growth and employment". |
| The agreement came after all-night talks. | The agreement came after all-night talks. |
| Countries such as France and Italy had sought to protect spending, while others pressed for cuts at a time of national austerity. | Countries such as France and Italy had sought to protect spending, while others pressed for cuts at a time of national austerity. |
| The budget must still be approved by the European Parliament. | The budget must still be approved by the European Parliament. |
| The four biggest political groups in parliament have said they "cannot accept it as it stands because it is not in the interests of Europe's citizens." | The four biggest political groups in parliament have said they "cannot accept it as it stands because it is not in the interests of Europe's citizens." |
| Responsibilities | 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. | 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. | 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". | 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 UK's contribution is likely to go up. | While Mr Cameron has claimed a significant overall cut as a victory, the UK's contribution is likely to go up. |
| The UK's rebate is shrinking from its current annual level of about 3.5bn euros. | The UK's rebate is shrinking from its current annual level of about 3.5bn euros. |
| The reduced rebate was negotiated by former Prime Minister Tony Blair to help fund the EU's eastward enlargement. | The reduced rebate was negotiated by former Prime Minister Tony Blair to help fund the EU's eastward enlargement. |
| Mr Cameron said he had resisted attempts to further reduce the rebate. | Mr Cameron said he had resisted attempts to further reduce the rebate. |
| "I fought off attempts to undermine the British rebate and the rebate is safe," he said. | "I fought off attempts to undermine the British rebate and the rebate is safe," he said. |