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David Cameron: EU 'constant attacks' on London David Cameron: EU 'constant attacks' on City of London
(about 2 hours later)
London is under "constant attack" from EU directives, which is a matter for concern and should be defended against, Prime Minister David Cameron has said. 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, he said the City was a "key national interest". 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 "missed piece" was a plan to boost European growth. Labour said the "missing piece" was a plan to boost European growth.
However, it welcomed the deal.However, it welcomed the deal.
The agreement is aimed at preventing the Greek debt crisis spreading to larger eurozone 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. 'Area of concern'
The UK government is supporting greater fiscal integration among eurozone countries as part of tackling the current crisis. 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.
Europe's leaders have agreed to change the EU's treaty, if necessary, to allow greater fiscal integration. 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.
But some critics have warned this could leave non-euro EU members like Britain, Sweden and Poland excluded from key decisions affecting the whole of Europe. 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.
Mr Cameron said he has sought assurances to protect Britain's interests if there is change - and has suggested it could provide an opportunity to repatriate some powers from Brussels. "It's an area of concern, it's a key national interest that we need to defend."
He 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. Stuart Fraser, from the City of London Corporation, welcomed Mr Cameron's comments.
Speaking en route from the EU summit in Brussels to the Commonwealth summit in 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." "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 spoke of the importance of protecting the interests of EU members who are not in the eurozone. Mr Cameron also said making sure the single market - relied upon by all 27 EU members - was "adequately looked after" was crucial.
He said: "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 caucusing? "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." "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.
After European leaders reached an agreement, Chancellor George Osborne said the eurozone is on the "right road" but "pressure" must be kept on its leaders to put the debt deal into practice. "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.