EU budget is main source of financing for all of the 27-country bloc’s main policiesEuropean flags fluttering outside the Berlaymon building, the EU Commission headquarters, in Brussels. Photograph: Nicolas Tucat/AFP via Getty Images Sat Oct 10 2026 - 10:20 • 1 MIN READThe European Union’s long-term budget for 2028-2034 should be 8 per cent 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. – ReutersUnderstand world events with Denis Staunton's Global Briefing newsletterJoin The Irish Times on WhatsApp and stay up to dateListen to In The News podcast daily for a deep dive on the stories that matterIN THIS SECTION
EU presidency proposes 8% cut to 2028-2034 EU budget to €1.6tn
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