Brussels:The European Parliament has achieved a provisional agreement with the Council on the 2027 EU Budget, setting the overall level of commitment appropriations at £199.7 billion. This agreement also establishes payment appropriations at £211.5 billion, marking a significant financial plan for the upcoming year.

According to Cyprus News Agency, the provisional deal restores the Council's cuts of £1 billion in commitments and includes an additional £300 million in funding beyond the Commission's original proposal. This extra funding is allocated to key EU programmes such as Horizon Europe, Erasmus+, civil protection, and the neighbourhood policy. The increased funds aim to boost the EU's cybersecurity and security capabilities across its institutions, including EU delegations.

The budget plan enhances funding for various sectors to reinforce European competitiveness and innovation. Horizon Europe will receive an extra £21.5 million, transport and energy networks are allocated an additional £22.5 million, and Erasmus+ sees an increase of £14 million. Further increments include £7 million for the European Agricultural Guarantee Fund and £10 million for the LIFE programme, focusing on environment and climate action. The Civil Protection Mechanism receives a £13.5 million boost to improve the EU's capacity to respond to natural disasters and emergencies.

To strengthen border management and migration control, £30 million more is directed to the Asylum, Migration and Integration Fund and the Border Management and Visa Instrument. Military mobility funding is raised by £10 million, while the Southern and Eastern Neighbourhoods receive an additional £39 million. Humanitarian aid is also increased by £30 million.

Despite not mobilizing the Ukraine Support Loan special instrument, the Parliament and Council have agreed that it remains an option for unforeseen and exceptional circumstances in 2027. Meanwhile, the £4.9 billion overrun costs of the NextGenerationEU (NGEU) are managed through an established 'cascade mechanism' to safeguard flagship programmes.

The agreement now awaits formal endorsement by the Council and further discussions in the Committee on Budgets scheduled for 19 November, followed by a plenary vote in the European Parliament. Once approved, the budget will be signed into law by the President of the European Parliament.