Friday 25 May 2018

City "under constant attack" from EU rules, says UK premier

The City of London is "under constant attack" from European Union regulations, British Prime Minister David Cameron said this morning.

Speaking on his way to Perth, Australia, for a Commonwealth summit, he also warned against the 17 eurozone nations colluding to undermine the European Union's free market rules.

He said: "London is the centre of financial services in Europe. It's under constant attack through Brussels directives. It's an area of concern, it's a key national interest that we need to defend."

Mr Cameron said that he will fight to prevent closer integration of the Eurozone countries leading to anti-competitive regulations.

"As the 27 we need to make sure that the single market is adequately looked after."

"There are a lot of things the eurozone is doing together. Having more meetings alone, establishing machinery - it raises the question of could there be caucasing?"

There is common agreement that this was an important issue and that we should be working together to make sure the arrangements provide a safeguard."

"It is very important that the institutions of the 27 are properly looked after and that the Comission does its job as the guardian of the 27."

Tory eurosceptics have raised fears that those in the currency bloc will "gang up" against the others - described as caucusing.

His comments came after George Osborne, the UK Chancellor, said Britain will not help pay for the euro bail-out.

The Chancellor made the promise in the Commons as he faced growing pressure from his own party to repatriate powers from Europe.

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