The EU is negotiating its next long-term budget, the Multiannual Financial Framework for 2028-2034. The European Commission proposed €1.8 trillion, but Parliament wants €1.96 trillion as talks start in 2025, leaving a €175 billion gap reflecting competing priorities. Defence is the winner. The budget allocates €131 billion to defence, security and space, five times more than the current MFF. Military mobility funding surges tenfold, driven by Russia’s war in Ukraine and doubts about US security guarantees. Farmers, poorer regions, and civil society organisations lose out, facing reduced allocations. Czechia, Slovenia, and Portugal receive less under the new formula. Frugal states, Germany, the Netherlands, Sweden, and Austria, want a leaner budget without joint debt. Parliament demands increased funding for climate, cohesion, and citizens. Parliament votes on its negotiating mandate on 18 May 2026. Reaching a final deal before 2027 is possible, but far from certain.