EU to cut budget for first time in history
European Union leaders agreed on their first ever budget cut in the EU’s 56-year history last Friday.
Following two days of talks, a €908bn budget limit for 2014 - 2020 was agreed on, with cuts of €34.4m per year over the next seven years.
The budget required the backing of all 27 members and was negotiated during a marathon 25-hour discussion session in Brussels.
Following the discussions, news of the decision broke when president of the European council tweeted: