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EU cuts spend by 6pc

EUROPEAN Union spending will total €135.5bn next year under a deal reached by EU negotiators.

The move includes extra funds to fight soaring youth unemployment and cuts EU spending by about 6pc from this year.

It is the first to reflect the new terms for EU budgets from 2014-20 agreed in February. The vast majority of EU spending, around two thirds of the total, will be spent on subsidies for European farmers and investment projects such as road construction in the bloc's poorer central and eastern European member states.