Key facts
- European lawmakers rejected the draft long-term EU budget for 2028-2034.
- The rejected budget draft included proposed spending cuts of €32.8 billion.
- An agreement on the long-term EU budget is pressured to be reached by the end of 2026.
- Portugal asked the European Commission to pause reductions in free carbon allowances for industries.
- Portugal cited concerns over competitiveness and investment in decarbonisation.
- High energy prices and international competition were mentioned as reasons for Portugal's request.
- EU lawmakers approved a new framework for gene-edited plants.
- The new framework governs gene-edited plants within the EU bloc.
The European Parliament has rejected the initial draft of the long-term EU budget for the period 2028-2034, put forward by member states. Lawmakers cited proposed spending cuts totaling €32.8 billion as insufficient, indicating a need for greater investment across various sectors. The rejection puts pressure on reaching a final agreement by the end of 2026, a deadline that looms large for the bloc's financial planning.