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A European Union deal to extend a deadline for Britain to pay a 2.1 billion euro ($A3.15 billion) bill until September next year is a victory for Britain, finance minister George Osborne says.

'This is far beyond what anyone expected us to achieve and it's a result for Britain,' Osborne told reporters on Friday, adding that the bill would be paid in two instalments in the second half of 2015.

EU finance ministers agreed to extend a December 1 deadline for Britain to pay the bill until September 2015, but the amount is not changed for now, sources say.

British Prime Minister David Cameron, who faces a general election in May, had warned of a 'major problem' if his demands for an extension and a reduction were not met.

'The agreement will include instalments until first of September 2015,' one European source told AFP on Friday.

The source added that ministers had recognised the 'unique situation' and asked the European Commission, the EU's executive arm, to 'change the rules'

The EU made the demand in October after recalcuating the budgets of member states going back several years.

Another European source said the amount of 2.1 billion euros - arrived at after recalculation - would remain the same for now but that it could be renegotiated after the British elections.

'The amount demanded from Britain is unchanged, but the British can pay when they want up to September 1,' the source said, adding that negotiations on the amount could be included in talks on the EU's 2016 budget.

'They could pay after the elections.'

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EU ministers extend UK bill deadline