EU leaders agree budget deal

City A.M. Reporter
European Union leaders this afternoon reached agreement on a budget until the end of the decade, following more than 24 hours of negotiation.

Herman Van Rompuy, the president of the European Council, chaired the meeting of the 27 EU leaders. He confirmed that the deal was done and said it was “worth waiting for” in a message sent via Twitter.

The agreement, which fixes EU spending over the seven-year period from 2014 to 2020, set a ceiling of €960bn (£811bn) for appropriations.

It will now go to the European Parliament for final approval, a process that could take several months.