EU warns of difficulties on agreeing next budget

<p>EU officials have claimed a budget agreement is proving more difficult than ever.</p>

Officials from the European Union (EU) have warned that it is proving difficult to reach a consensus on the region's next multi-annual budget.

According to the BBC's Chris Morris, reporting from Brussels today (September 24th), the European Commission has proposed a total fund of €1,033 billion (£824 billion) for the 2014-2020 period, but the UK and other member states think the kitty should be around €100 billion less than this.

Ministers are meeting this morning for further discussions and leaders will hold a summit in November in a bid to strike a deal.

The Commission stated that the proposed budget represents one per cent of Europe's overall income and several member states are in support of its plans.

At 08:45 BST, the euro was lower versus the dollar and pound, slipping marginally in forex trading with the greenback to $1.296 and depreciating 0.1 per cent against sterling to £0.798.

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