EP approves ‘milestone’ EU budget

The, budget, or so-called Multi-Annual Financial Framework , represents a decrease in spending in real terms of 3.7 percent in payments compared to the previous 2007-2013 period.

"The vote by the European Parliament is a milestone and the last act in long and complicated negotiations, " EU budget Commissioner Janusz Lewandowski has said.

Spending will total 135.5 nbillion euros or half a billion less than the European Commission originally asked for and 0.9 billion short of the European Parliament's target.

A third (37 percent) of the budget will be allocated to the Common Agricultural Policy and 34 percent to Cohesion and Regional policy, of which Poland remains the largest recipient. (pg)