EU Council and Parliament reach 2027 budget deal

The Council and the European Parliament have reached agreement on the EU's 2027 annual budget, the seventh and final yearly budget under the current multiannual financial framework for 2021-2027. The deal sets the Union's spending plan for next year and is designed to support agreed policies and programmes while preserving room to respond to unforeseen circumstances.

The 2027 budget is set at EUR 199.7 billion in total commitments and EUR 211.5 billion in total payments. EU officials said the budget will help the bloc cope with ongoing crises and challenges, including those in Ukraine and the Middle East, while also allowing the Union to react to unexpected needs.

A further EUR 710.1 million has been kept available under the expenditure ceilings of the current MFF for unforeseeable requirements. Simon Harris, Ireland's Tánaiste and Minister for Finance and the chief Council negotiator, said the budget must balance the need to equip the Union to act decisively with the need to avoid extra pressure on national budgets and taxpayers.

The European Parliament and the Council have 14 days to formally approve the agreement, and the Council is expected to endorse it on 23 November. Adoption requires a qualified majority in the Council.

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