The EU has agreed a 7 year budget settlement lower than last time. The UK Parliament passed a motion requiring a reduction. The UK has negotiated a reduction.
The last ceiling was Euro 943 billion. The Commission with various countries in support wanted to increase this to Euro 988 bn. Instead they have now agreed a cut to Euro 908bn.
So the settlement is Euro 35bn than the previous one, and Euro 80 bn below the original proposal.
If the Prime MInister had persisted in using the veto on this they could have resumed annual budgets by majority votes. The agreed settlement is Euro 60 bn below what they could spend without an agreement.
I am glad the Uk dug in, and glad that for the first time the budget is coming down instead of going up. Of course I would like a lower budget than this. I do not think the Prime MInister could have got more by threatening further use of the veto.
The worst news is that the UK contributions will go up, thanks to the reckless way Mr Blair gave away part of our rebate. Mr Cameron refused to give up more of our rebate, though he was under pressure to do so.