The UK will go its own way from the rest of Europe. The Financial Times story is here. Of course, the UK has always been outside the Eurozone, but today’s news feels qualitatively different. The word of course is that David Cameron did this to please his Tory friends in London’s City financial district. Whatever the reason, it strikes me as not particularly good news for those of us hoping for something that will stabilize the markets.
Reuter’s story is here. Money quote:
Cameron’s decision to stay out of the treaty-change camp could spell problems for Britain. Deeper integration on the continent could involve changes to the single market and financial regulation, both of which could have a profound impact on the British economy.
“Cameron was clumsy in his manoeuvring,” a senior EU diplomat said. It may be possible that Britain will shift its position in the days ahead if it discovers that isolation really is not a viable course of action, diplomats said.