Britain's City of London financial district would have to give up its role in processing euro currency transactions after it leaves the European Union, French President François Hollande warned on Wednesday (29 June).
A draft accord to help keep Britain in the European Union is "very fragile", a top EU official warned yesterday (10 February) as France and eastern states pushed for changes before leaders meet to try and seal the deal next week.
Draft European Council conclusions suggest that the relationship between eurozone countries and the City of London remains a sticking point in negotiations on a series of reforms to keep the United Kingdom in the EU.
Britain's financial sector has thrived in the European Union and quitting the 28-country bloc could limit access to a huge market and trigger an "investment pause" due to inevitable disruptions, senior bankers told lawmakers on Wednesday (6 January).
Chancellor of the Exchequer George Osborne will take the British government's campaign for EU reform to three Scandinavian capitals on Monday (24 August), hoping to drum up support from non-euro member states such as Sweden and Denmark.
Britain suffered an embarrassing defeat in its attempt to block the European Union's new limits on bank bonuses on Thursday (20 November), withdrawing its legal challenge after an adviser to the bloc's top court made clear it was unlikely to succeed.
Exempting Britain's banks from planned European Union rules to curb risky trading would be illegal, the bloc's lawyers said on Monday (16 June) in a legal opinion that marks another setback for UK attempts to limit Brussels' influence on the City.
A British exit from the European Union could wreck London's position as the only financial centre to rival New York and isolate the country's economy, research ordered by a lobby group for banks and money managers showed.
London's financial services centre would lose access to the wider European Union should Britain quit the bloc, the EU's justice chief said on Monday (17 February), warning that such a move would reduce its status to that of an offshore centre.
Britain has won backing to curb the power of the European Union market watchdog to ban short-selling in a boost to a campaign against the concentration of financial regulation in Brussels at the expense of the City of London.
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