Britain isolated as EU tightens grip on City

Britain has been unable to block plans for an EU regulatory machinery with binding legal powers, securing only a loose agreement at a key meeting of EU finance ministers that any proposals should not interfere with budget and taxation policy.

By Ambrose Evans-Pritchard
Published: 7:42PM BST 09 Jun 2009


Alistair Darling, the Chancellor A joint statement yesterday said that legislation to be drawn up by Brussels this autumn “should ensure that such powers should not impinge in any way on the fiscal responsibility of members of statesâ€