New EU budget proposal cuts across red lines

The EU's next multi-year budget framework for the period 2014-2020 should be cut by at least €50bn), said the Cyprus EU Presidency on the 29 October 2012, chairing the negotiations.

The suggestion was rejected by the European Commission, which drew up the original plan for the 2014-2020 budget. The Commission was calling for a 5% rise compared with the 2007-2013 budget.

EU leaders were due to hold a budget summit on 22-23 November 2012.

• Primary Source

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EurActiv, 31.10.12: Cyprus' EU budget deal rejected by Commission, Parliament http://www.euractiv.com/specialreport-budget/cyprus-presidency-budget-proposa-news-515784

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