Banking Union Threatens to Drive UK Out of the EU
The EU's proposed banking union poses a direct threat to London's dominant position in European financial markets, ranging from foreign currency trading to derivatives to investment banking. Members of Parliament rebelled this week, with Prime Minister David Cameron losing a vote on the EU budget - a sure sign that the financial crisis in the eurozone has stirred up enough opposition to the EU for the British to stay out of a single currency and attempt to claw back the powers that it has given to Brussels.
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