EU Budget Summit

February 8, 2013 by  

EU Budget Summit, EU leaders are edging towards a compromise deal on the 2014-2020 budget after all-night talks, officials say.

A broad framework was reported to have been agreed, but hard bargaining still lies ahead at the Brussels summit.

Leaders are studying proposals for a 908bn euro (£774bn) budget for the full seven years – 5bn euros lower than an earlier proposal.

In November the leaders failed to reach agreement amid deep divisions over cuts – a key UK demand.

Prime Minister David Cameron said again on Thursday that he would not accept a deal unless further cuts were made.

He said the figures being proposed for 2014-2020 “need to come down – and if they don’t… there won’t be a deal”.

If agreed, the cuts will make this the first multi-annual EU budget to see a net reduction.

Any one of the 27 member states can veto a budget deal – a fact which makes the negotiations all the more difficult.

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