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EU leaders agree budget cut deal in Brussels EU leaders agree budget cut deal in Brussels
(35 minutes later)
EU leaders have reportedly reached an agreement on the budget for 2014-20 after marathon talks in Brussels.  
EU leaders have reached an agreement on the budget for 2014-20 after marathon talks in Brussels.
The deal was announced by European Council President Herman van Rompuy, who said it was "worth waiting for".The deal was announced by European Council President Herman van Rompuy, who said it was "worth waiting for".
The details are not yet public, but it is understood to involve the first ever reduction in the EU's multi-annual budget. The new budget amounts to 908bn euros (£768bn; $1.2tn) in forecast payments. It is the first-ever reduction in the EU's multi-annual budget.
Countries including the UK and the Netherlands had been pressing for cuts at a time of economic austerity. UK Prime Minister David Cameron - who had been pressing for cuts - hailed it as a "good deal for Britain".
The budget must still be approved by the European parliament, and MEPs had previously said they were prepared to block anything that amounted to an "austerity" budget. "I think the British public can be proud that we have cut the seven-year credit card limit for the EU for the first time ever," Mr Cameron said.
The reported agreement came after almost 24 hours of negotiations, as countries such as France and Italy sought to protect spending. French President Francois Hollande - who had argued against big spending cuts - said it was a "good compromise".
The agreement came after almost 24 hours of negotiations, as countries such as France and Italy sought to protect spending.
The budget amounts to about 1% of the EU's overall GDP - it is dwarfed by the combined national budgets.The budget amounts to about 1% of the EU's overall GDP - it is dwarfed by the combined national budgets.
It must still be approved by the European Parliament, and MEPs had previously said they were prepared to block anything that amounted to an "austerity" budget.
Mr Van Rompuy said the deal amounted to a cut of roughly 34bn euro in both commitments and payments.