EU close to producing €862 million budget and CAP reforms

HOURS of backroom haggling was last night close to producing an €862 billion budget for the EU and an agreement to radically change the Common Agriculture Policy and the British rebate.

Irish agriculture would continue to receive over €1 billion a year until 2013 while there will be funds also for rural development and other areas such as research.

But the country is due to become a net contributor sometime after 2009 having received €34 billion from EU coffers over the past 30 years.