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After a marathon 24-hour summit in Brussels, European leaders have adopted the compromise proposal put forward by European Council President Herman Van Rompuy (in the drawing) and agreed a 2014-2020 EU budget.
The agreement means that for the first time in the Union's history, there will be a decrease in funding compared to the previous budget (€34bn lower than in budget 2007-2013), and caps the EU budget to 1 per cent of the EU's gross national income (approximately equal to GDP).
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