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The EU budget could be cut for the first time in its 56-year history, with a seven year plan for funding of €960 billion from 2014-2020, down from the originally proposed €1.03 trillion.

 The new proposals include a five per cent reduction in EU staff, and a two year freeze on salaries.

Additional funding of just under €1 billion per year will be provided to countries with youth unemployment rates of above 25 per cent. Current beneficiaries would be Spain and Greece, which are both struggling with extremely high youth unemployment.

Under the budget, every individual person who lives in the EU will pay the equivalent of just under €300 every year, although their contribution will differ depending on their member state.


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