First ever cut to the EU’s budget in its 56 year history

First ever cut to the EU’s budget in its 56 year history
# 09 February 2013 11:01 (UTC +04:00)

Baku. Victoria Dementieva – APA-Economics. European leaders have reached agreement on the first ever cut to the EU’s budget in its 56 year history.

Brussels will work to a ceiling of 960 billion euros between 2014 and 2020.

The deal will see a real term cut of around 3 percent. The EU calculates two budget numbers. As well as the ‘commitments’ figure of 960 billion euros, a lower ‘payments’ figure’ of 908 billion euros indicates what will actually be spent.

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