European Union Leaders Meeting at Brussels Conference Reach Agreement on Broad 7-Year Budget Framework

by Colonel on February 8, 2013

“The officials said around 12 billion euros would be cut from the last budget proposal, made at a summit in November when agreement eluded leaders, bringing the headline ceiling for spending down to 960 billion over the full 2014-2020 plan.

That represents a decrease of around three percent on the last multi-annual framework – the first time a long-term spending plan has seen a net reduction in the EU’s history.

The cuts agreed on Friday fell mainly on a new fund for cross-border transport, energy and telecoms projects, which was cut by more than 11 billion euros, and on pay and perks for EU officials – a top target for Britain – which were cut by around 1 billion euros, officials said.

Spending on agriculture was spared further cuts and there was an increase of about 1.5 billion euros on rural development over the seven years.

” – (Addtional reporting by Justyna Pawlak, John O’Donnell and Teddy Nykiel; writing by Charlie Dunmore and Luke Baker), Copyright 2013 Thomson Reuters

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