6.56pm GMT

Here's a closing summary:

• After marathon talks, Europe's leaders have agreed a seven-year budget for the EU. Total spending will fall for the first time since the EU was created, to €980bn over the period from a previous budget of around £1trn.

The amount paid in by member states has also fallen by around €34bn, to €908bn.

• David Cameron said it was a deal that Britain could be proud of. He also warned that the country's total commitments to the EU will actually increase (highlights from 4.10pm).

• German chancellor Angela Merkel said the deal was worth the wait, while the French president, François Hollande, argued it was no-one's ideal budget.

• Herman Van Rompuy, president of the European Council, dubbed the deal "a balanced and growth-oriented budget for Europe for the rest of the decade".

• EU leaders now face a potential battle with the European Parliament to get the budget into law. EP president Martin Schulz could hold a secret ballot, raising the chances of the deal being rejected (see 2.51pm).

Cameron said the idea of a secret vote was baffling, and reminded MEPs to respect the fact that certain national leaders will actually provide the funds, with the permission of their own parliaments.

• But the plan was criticised for cutting the amount spend on infrastructure projects compared to the plan rejected last November, while leaving agricultural spending unchanged. (handy graphic here)

• Cuts to the EU development fund were also attacked -- Oxfam said the EU would now struggle to hit anti-poverty goals (details).

Thanks for reading and commenting.

Keep watching guardian.co.uk for updates through the evening. Our most recent story about the landmark decisions in Brussels is here: EU agrees historic budget deal after all-night talks.

Goodnight!