EU finally reaches deal on 7-year budget
Friday 08 February 2013
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EmailThe gaggle of prime ministers, presidents and ministers meeting on the European Union budget in Brussels finally agreed to a deal today.
The 27 countries in the EU agreed to a seven-year budget with next year coming in at €908 billion (£768bn) - a sum that represents the first budget decrease in the history of the EU.
The total is much less than the €1.03 trillion (£871bn) that the EU Commission had originally proposed.
But the rebates allowed to member nations are also due to be reduced.
So Britain will still be sending more money to Brussels next year than last despite any apparent drop in the total spending.
The deal will require approval from the European Parliament.
MEPs have made it clear that they are prepared to veto any budget significantly more austere than the original commission's draft.
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