EU Budget 2028-2034, Irish presidency proposes €141 billion cut

The Irish presidency of the Council of the European Union has presented a draft to reduce the Union’s next multiannual budget, covering the period 2028-2034, by €141 billion. This is a development the newspaper had not yet reported: the proposal was released today and will be submitted to the ambassadors of the Twenty-Seven on Sunday, October 11.

According to the draft, the overall budget amount would fall to €1,622 billion at 2025 prices, a cut corresponding to 8% compared with the European Commission’s original proposal. The reduction does not affect all spending items uniformly: the chapter dedicated to economic competitiveness, research and defence would see a 13% cut, with funding falling to €456 billion. The Global Europe programme, which finances the Union’s external relations, would be reduced by 17%, down to €157 billion.

Item	Proposed cut	Resulting allocation
Total budget	-8%	€1,622 billion
Competitiveness, research, defence	-13%	€456 billion
Global Europe	-17%	€157 billion

The negotiating path now envisages three closely spaced stages: after Sunday’s examination by the ambassadors, the Ministers for European Affairs will discuss the proposal on October 13, while the summit of heads of state and government is set for October 15 and 16. These will be days that will show whether the compromise proposed by Dublin gathers the necessary consensus among the Twenty-Seven, starting with the countries that have so far called for a more contained budget.

The draft remains, for now, a negotiating proposal: the text will have to be discussed and potentially amended in the coming meetings before reaching a final agreement among member states. The negotiation comes in a context in which several governments, referred to in European debate as “frugal” countries, have long called for a reduction in common spending compared with the figures initially indicated by the Commission. The Irish proposal appears to move in that direction, while maintaining stated priorities on competitiveness and common defence.

It remains to be seen what position the European Parliament will take, as it will have to co-decide on the final text together with the Council before the new multiannual financial framework can enter into force in 2028.