The European Union would maintain Britain's £3billion rebate and make further cuts in overall spending in its next seven-year EU budget, according to its latest draft compromise drawn up ahead of a vital summit later this month.The proposals, made by European Council President Herman Van Rompuy, could help appease Britain and other austerity-minded governments keen to limit their contributions to the union's finances, as the bloc tries to reach a deal ahead of a budget meeting on November 22 and 23.But further cuts - proposed by Britain, Sweden and others - to farm subsidies and development funds for poorer countries are likely to face opposition from France and former communist Eastern European states.
[