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David Cameron: EU 'constant attacks' on City of London | David Cameron: EU 'constant attacks' on City of London |
(about 3 hours later) | |
The City of London is under "constant attack" from EU directives, UK Prime Minister David Cameron has said. | |
Mr Cameron said the finance industry was a "key national interest" and must be defended. | |
Speaking in Australia, where he is attending a Commonwealth summit, he also said protecting the single market was the UK's top priority in Europe. | |
He said markets must be kept open to non-eurozone EU members, should those which use the euro integrate further. | |
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. |
'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. |
At a joint press conference with Australian PM Julia Gillard, Mr Cameron said he wanted to make sure that the single market was "protected in the European Union". | |
"This is our key national interest, that Britain, a historic trading nation, has its biggest markets open and continues to have those markets fairly open and fairly governed." | |
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. |
“Start Quote | “Start Quote |
What his comments reveal is that when - if - the eurozone crisis ends, big political questions will replace the big economic problems” | What his comments reveal is that when - if - the eurozone crisis ends, big political questions will replace the big economic problems” |
End Quote | End Quote |
Speaking earlier en route 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." | "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. |
The Financial Times reported that Conservative London Mayor Boris Johnson has written to European Commission president Jose Manual Barroso to voice his opposition to a tax on financial transactions. | |
Mr Johnson says the so-called Tobin tax - proposed by the commission and supported by nations including France and Germany - would hinder London's ability to compete with other financial centres like New York and Tokyo. | Mr Johnson says the so-called Tobin tax - proposed by the commission and supported by nations including France and Germany - would hinder London's ability to compete with other financial centres like New York and Tokyo. |
"At a time when many EU member economies are struggling, some on their knees, it would be madness to weigh them down with this new millstone," the mayor wrote. | "At a time when many EU member economies are struggling, some on their knees, it would be madness to weigh them down with this new millstone," the mayor wrote. |
'Level playing field' | |
Lib Dem Deputy Prime Minister Nick Clegg said there had to be a "loud British voice" at the heart of the European Union to defend the country's economic interests. | |
He told the BBC that everyone agreed there had to be better regulation after the "spectacular implosion" in the City of London in 2008 - some of which would have to take place at European level. | |
"But the devil is in the detail, and some of the details... disproportionately affect Britain compared to other countries and of course we want to make sure there is a proper open level playing field for the City of London and for all British businesses." | |
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. |
Mr Cameron is attending a two-day summit of the 54-nation Commonwealth, during which economic growth, climate change and human rights will be discussed. It has already agreed to change the laws of succession to the British throne, to give female heirs the same status as males. | |