Cyprus proposes €32.8bn cut to next EU budget as compromise between rival camps

Summary

Cyprus proposes a 2% cut — worth €32.8bn — to the EU's draft €2 trillion budget for 2028–2034, in a bid to bridge the gap between "frugals" and cohesion-minded member states. The figures, now on the table for the first time, will serve as the starting point for the sensitive negotiations ahead.