EU leaders agree budget cut deal in Brussels
8 February 2013 Last updated at 18:40 GMT
EU leaders have reached an agreement on the budget for 2014-20 after lengthy talks in Brussels.
European Council President Herman Van Rompuy announced the deal and said in a statement it was "worth working for".
The new budget ceiling amounts to 960bn euros (£812bn; $1.3tn). It is the first time the EU's multi-annual budget has been reduced.
UK Prime Minister David Cameron, who had been pressing for cuts, hailed it as a "good deal for Britain".
Nick Robinson reports from Brussels.