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| David Cameron: EU 'constant attacks' on City of London | David Cameron: EU 'constant attacks' on City of London |
| (40 minutes later) | |
| The City of London is under "constant attack" from EU directives, 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, the PM said the finance industry was a "key national interest" and should be defended. | 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. | 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' | '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. | 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. | 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. | 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. |
“Start Quote | |
| What his comments reveal is that when - if - the eurozone crisis ends, big political questions will replace the big economic problems” | |
| End Quote | |
| "It's an area of concern, it's a key national interest that we need to defend." | "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. | 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. | "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. | 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 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. |
| "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." | "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 | 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. | 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. | 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. | 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. |