EU budget summit ends without deal

City A.M. Reporter
EU summit talks collapsed this afternoon, as leaders abandoned talks to find a deal on the currency bloc’s next long-term budget.

The failure to agree a budget for the 2014-2020 period meant European Council President Herman Van Rompuy ended the summit. Talks are expected to resume early next year.

It is understood that disagreement focused on an inability to find sufficient spending cuts to satisfy all member states.