“Under the British plan the Government would agree to scale back its �3 billion-a-year rebate in return for a fundamental review of EU spending in 2008, leading two years later to substantial cuts in the annual �50 billion (�34 billion) Common Agricultural Policy.”

The Guardian – Blair says EU reform would cost UK more:

“Tony Blair yesterday confirmed that the European budget deal he sought during Friday night’s Brussels summit showdown would have cost Britain more in the long run in exchange for a sweeping reform of EU finances.”