Economy

xchrom

(108,903 posts)

24. UK, Germans say deeper cuts or no deal in EU budget

Fri Nov 23, 2012, 10:46 AM

Nov 2012

http://www.reuters.com/article/2012/11/23/us-eu-budget-idUSBRE8AM0B820121123

(Reuters) - Britain and Germany warned on Friday there will be no summit deal on the European Union's proposed 1 trillion euro long-term budget without deeper spending cuts, after the latest compromise plan ignored their calls for further restraint.

British Prime Minister David Cameron dismissed a proposal to scale back tentative cuts to EU farm subsidies and regional aid to placate France and Poland, taking savings elsewhere to keep the overall budget cut at about 80 billion euros.

"It isn't a time for tinkering," he told reporters as he arrived for the second day of budget talks. "There hasn't been the progress in cutting back proposals for additional spending."

German Chancellor Angela Merkel said she didn't believe leaders would reach the unanimity needed to clinch a budget deal at this summit, but played down the consequences of failure.

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