Economy & Finance

UK’s Cameron: EU budget needs more cuts

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LONDON (Reuters) – European Union chief Herman Van Rompuy’s compromise draft EU budget does not go far enough in reducing spending, British Prime Minister David Cameron’s spokesman said on Wednesday.

“While Van Rompuy’s proposals are a step in the right direction, we believe there are still areas where further cuts can be made,” the spokesman said.

Cameron spoke to Van Rompuy on Tuesday. The EU chief had last week tabled a draft EU budget aiming to mollify Britain, which wants deep reductions to EU spending plans.

Van Rompuy’s draft would reduce the roughly 1 trillion euro ($1.3 trillion) budget for 2014-2020 proposed by the European Commission by about 80 billion euros and will be discussed by EU leaders aiming to strike a deal at a summit on November 22-23.

(Reporting by Mohammed Abbas)

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