Cyprus presidency floats €50 billion cut in EU budget

The Cyprus presidency of the Council of Ministers has put forward a discussion document which suggests that the seven-year EU budget from 2014 should be €50 billion less than the €1033 billion proposed by the Commission.

The presidency proposal will be discussed by permanent representatives of the 27 EU member states tomorrow (October 31). It forms a starting point for fierce negotiations in coming weeks between member states in the East and South that would like to maximise the EU budget, and states such as the UK that want it to be cut more deeply.