UK's Cameron says EU budget deal still within reach

Reuters

European leaders can still reach a deal on the EU's long-term budget when they resume talks early next year after their first attempt collapsed last week, British Prime Minister David Cameron said on Monday.

But he warned that the EU must find billions of pounds of savings if Britain is to support the 2014-2020 budget plan.

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"The deal on the table was not good enough and that's why we and others rejected it," Cameron told parliament. "But we do believe a deal is still do-able."

European leaders failed to reach agreement at a meeting in Brussels last week on a seven-year EU budget, worth about 1 trillion euros.

(Reporting by Peter Griffiths; editing by Steve Addison)