EU presidency proposes 8% cut to 2028-2034 EU budget to €1.6 trillion

​The European ‌Union's long-term budget ​for 2028-2034 ‌should be 8% lower than the European Commission's proposed €2 ‌trillion, the Irish ‌EU presidency said on Saturday.

This would result ⁠in ​a ⁠budget of €1.6 trillion, subject ⁠to contentious negotiations among EU ​countries in the coming months. ⁠The EU budget ⁠is ​the main source of financing ⁠for all of the 27-country ⁠bloc's ⁠main policies.