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FINANCIAL PERSPECTIVE FOR THE 2007/2013 PERIOD On December 15 2005 , EU members agreed to fix the common budget to 1.045% of the European GDP . UK Prime Minister Tony Blair accepted to review the British Rebate , negotiated by Margaret Thatcher in 1984 . French President Jacques Chirac declared that this increase in budget will permit Europe to "finance common policies" such as the Common Agricultural Policy - which represents about 44% of the EU's spending - or the Research And Technological Development Policy . However, France's demand to lower the VAT in catering was refused. EXTERNAL LINKS
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