Wednesday, December 12, 2012

UK gets set for battle to defend City from EU bank union

David Cameron and George Osborne will today begin a rearguard action to stop the City of London's status as the world's leading financial centre being threatened by plans for banking union inside the eurozone.

Although Britain will not join the banking union, the 17 countries in the euro will form a powerful bloc which could determine rules for the financial sector under the EU's single market. There are growing fears that the 17 will favour Paris and Frankfurt at London's expense.

http://www.independent.co.uk/news/business/news/uk-gets-set-for-battle-to-defend-city-from-eu-bank-union-8406733.html