European leaders are set to announce a long-term deal that would see the EU budget cut, in real terms, for the first time since the European Union was created.
After through-the-night talks in Brussels, a draft proposal has been tabled which would cap the EU budget at €960bn (£818bn) between 2014 and 2020. That would trim more than €34bn off the previous budget...
Taxes will have to increase after the March Budget if the government plans to honour the spending plans in outlined last year, the Institute for Fiscal Studies (IFS) has warned.
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