UK banks express concern over EU veto


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Banks in the UK are worried that David Cameron's actions regarding the UK's role in solving the euro zone debt crisis could harm the City of London as a financial centre in the future.

Financial trading professionals may be among those harbouring reservations as Reuters reports that industry figures are concerned Britain's veto of European Union (EU) treaty alterations might lead to the district enduring further loss of influence in the banking industry.

Those working in the City claimed the decision was not prompted by them and noted the move could hinder, rather than bolster, their long-term prospects.

One insider told the news agency that the prime minister's stance will leave them "considerably worse off" than they would have otherwise been.

The source stated: "There is a very strong body of opinion, not all over Europe, but in many financial regulators, that Anglo-Saxon financial services have caused the crisis and therefore anything bad for us is good for them."

These comments came after Mr Cameron vetoed a treaty to save the single currency after he felt promises were not met that would give Britain the freedom it wanted with regard to the regulation of the City of London.

Such a move could serve to isolate Britain from its European neighbours and damage any relationships in the short-term.

The industry insider called into question Mr Cameron's actions and observed: "Having royally annoyed 26 members states I don't see how it's made things any easier."

As a result of the veto, the remaining EU members will be forced to come up with an arrangement without the support of Britain – a move through which it is hoped they will be able to forge stronger economic ties with one another.

In the aftermath of the summit meeting last week at which Britain pulled out of the deal, stocks tumbled and the euro fell, with leaders apparently unsure on what action to take next.
 

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