Video: EU budget cut should 'make Britain proud,' says David Cameron After two days of negotiations, the latest EU summit broke up on Friday with an agreement that spending for 2014/2020 would be 908 billion euros (£773 billion). Mr Cameron said spending would be 24 billion euros lower than during the last seven-year period. "I think the British public can be proud that we have cut the seven-year credit card limit for the European Union for the first time ever," he told an end-of-summit press conference. Earlier, the summit chairman Herman Van Rompuy took to Twitter to declare: "Deal done! European Council has agreed on MFF (Multi-annual Financial Framework) for the rest of the decade. Worth waiting for.