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David Cameron: EU 'constant attacks' on City of London | |
(about 2 hours later) | |
The City of London is under "constant attack" from EU directives, David Cameron has said. | |
Speaking on his way to Australia for a Commonwealth summit, the PM said the finance industry was a "key national interest" and should be defended. | |
Mr Cameron's comments come after a deal was reached to recapitalise Europe's banks, write off 50% of Greek debt and boost the eurozone's main bailout fund. | Mr Cameron's comments come after a deal was reached to recapitalise Europe's banks, write off 50% of Greek debt and boost the eurozone's main bailout fund. |
Labour said the "missing piece" was a plan to boost European growth. | |
However, it welcomed the deal. | However, it welcomed the deal. |
'Area of concern' | |
As part of the agreement, greater fiscal integration is expected among the 17 eurozone countries, but some critics have warned this could leave non-euro EU members like Britain, Sweden and Poland, excluded from key decisions. | |
Mr Cameron has vowed to protect the UK's interests and to use the process to try to rebalance the UK's relationship with Brussels. | |
Speaking en route from the EU summit in Brussels to Perth, the prime minister said: "London - the centre of financial services in Europe - is under constant attack through Brussels directives. | |
"It's an area of concern, it's a key national interest that we need to defend." | |
Stuart Fraser, from the City of London Corporation, welcomed Mr Cameron's comments. | |
"We've been saying for some time that a deal in Europe, in the eurozone, could marginalise the City and I think it's probably one of the biggest threats we've seen to the City in my career of 40-odd years," he told the BBC. | |
Mr Cameron also said making sure the single market - relied upon by all 27 EU members - was "adequately looked after" was crucial. | |
"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 caucusing?" he said. | |
"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 [European] Commission does its job as the guardian of the 27." | |
IMF package | |
The eurozone deal is aimed at preventing the Greek debt crisis spreading to larger economies like Italy, and includes a new bailout fund, worth about 1tn euros (£880bn; $1.4tn), which is due to be in place in November. | |
Chancellor George Osborne said the agreement put the region on the "right road" but "pressure" must be kept on its leaders to put the debt deal into practice. | |
The chancellor said there were still "very important questions" to be answered - for example about the role of China in the bailout fund, although he added that the eurozone leaders had "grasped the seriousness of the situation". | The chancellor said there were still "very important questions" to be answered - for example about the role of China in the bailout fund, although he added that the eurozone leaders had "grasped the seriousness of the situation". |
He also insisted the UK would not pay into any International Monetary Fund package targeted at the eurozone. | He also insisted the UK would not pay into any International Monetary Fund package targeted at the eurozone. |
After details of the agreement emerged, shadow chancellor Ed Balls said: "The eurozone going into a protracted crisis would make things worse for us, and therefore we all really hope this deal is going to work... but that does not solve Britain's problem. | After details of the agreement emerged, shadow chancellor Ed Balls said: "The eurozone going into a protracted crisis would make things worse for us, and therefore we all really hope this deal is going to work... but that does not solve Britain's problem. |
"Unless we get a plan for jobs and growth in Britain, and I have to say across Europe too, unless we get growth in our economies, this is not going to be a solution." | "Unless we get a plan for jobs and growth in Britain, and I have to say across Europe too, unless we get growth in our economies, this is not going to be a solution." |
Mr Cameron is set to attend a two-day summit of the 54-nation Commonwealth, during which economic growth, climate change and human rights will be discussed, as well as planned reforms to the British monarchy. |