Brussels EU Parliament Photo: http://flickr.com/J.Elliott

Brussels EU Parliament
Photo: http://flickr.com/J.Elliott

After approving the 2014-2020 European budget on November 14 in the European Union’s budget committee, deputies of the EU voted on November 19 in plenary to put the motion into effect on January 1.

The budget proposal passed with a vote of 537 to 126 with 19 abstentions.

The deal includes a high-level working that uses the EU’s “own resources” to keep the Parliament’s income and spending in check.

By passing this budget, the EU Parliament has lowered spending by $47 billion by 2017, the lowest budget passed in the EU’s history.

Germany, Britain, and the Netherlands counted this as a victory, having pushed for reducing spending.

Britain had initially called for 250 billion cut in spending. Nevertheless Cameron stated Britain’s European policy, an effort to reduce spending region wide, was “delivering results.”

“One single year’s budget represents more money – in today’s prices – than the whole Marshall Plan in its time,” said EU President Jose Manuel Barroso. Spending will be capped at $1.3 trillion.

Because the budget comes to 1% of Europe’s gross domestic product (GDP), Barroso stated that the new budget would “help to strengthen and sustain the (economic) recovery under way across the European