Sweden and UK lead major EU budget cut

After more than 16 hours of negotiations, Sweden has succeeded in drastically reducing the size of the EU budget for next year, although the chair of the negotiations warns that the money is so tight that emergency payments may be needed later.

The UK, Sweden and the Netherlands led the call to cut the budget, from €144 billion to €135 billion. The EU Parliament and Commission both said this was too low, but had to settle on just €135.5 billion in a compromise with the EU member states.

And newspaper Dagens Nyheter reports the chair of the negotiations, deputy Lithuanian finance minister Algimantas Rimkūnas, saying that there is no room for unexpected costs, and further talks on extra payments will probably be needed.

Most of the EU budget is spent on subsidies to agriculture, and instrastructure projects.

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