If you read some of the wilder posts on this and the Tory press, you can only come to one conclusion about the 7 billion pounds wiped off our projected future rebate.
The first thing to point out is that some of this 7 billion pounds will be spent here. The actual rebate itself will actually increase because of the extra payments from the enlarged union, which is why without reform we would have moved from 2nd highest net contributors to 2nd lowest.
As it happens this current deal will mean we make the same net contributions as France and Italy for the FIRST TIME EVER. So we are actually going to be BETTER OFF.
France's contributions have risen by 116%, Italy 130% and ours just 63%. Looked at in that light it is not such a bad deal.