Cameron happy as EU cuts budget for first time

David Cameron today hailed a real-terms cut in the European Union's next seven-year budget.

After hours of tortuous negotiations over the past two days, the latest EU summit broke up with an agreement that spending for 2014/2020 would be 908 billion euros (£773 billion).

ITV News Europe Editor James Mates reports:

Read: It took two summits, but the EU now has a budget


EU budget deal agreed

European leaders have reached a deal on a €908 billion (£773 billion) EU budget for the next seven years, at a summit in Brussels.