UK PM left isolated on EU decision
- 12 years ago
Perhaps it was a metaphor for Britain's new standing in Europe - a cold shoulder from France's Nicolas Sarkozy - after 26 EU countries - except Britain - agreed to draft a new treaty to save the euro through closer fiscal union.
UK Prime Minister David Cameron said he didn't sign, because it wasn't in Britain's interests.
(SOUNDBITE)(English) UK PRIME MINISTER DAVID CAMERON SAYING:
"We had a choice: did we want to sign a new treaty, with huge amounts of extra complexity and bureaucracy and all the rest of it, that would go into our existing treaty, did we want to do that without proper safeguards for Britain. If I couldnt' get those safeguards, I said I wouldn't sign that treaty, I didn't, so I didn't."
The decision has sparked concern about Britain's standing in Europe and eurosceptic MP Bernard Jenkin says it's time to reassess the UK's position.
(SOUNDBITE)(English) EUROSCEPTIC MP BERNARD JENKIN SAYING:
"Now that the euro states are saying well we're going ahead anyway, we don't care what the British think, we are in a very different European Union. The European Union has changed, it is time to change our terms of membership of the European Union."
BGC Partners Senior Strategist Howard Wheeldon believes the decision will leave Britain in a stronger position.
(SOUNDBITE)(English) HOWARD WHEELDON, SENIOR STRATEGIST, BGC PARTNERS, SAYING:
"There will be a school of thought that says it is damaging and the UK risks being very isolated, that our trade with Europe will decline, I don't think that will occur. Of course though the fear is there. I just think we are too strong we can get out and find new markets."
One of the issues of contention for Cameron was a tax on financial transactions, which market commentator David Buick says would be detrimental if it was ever introduced in Britain.
(SOUNDBITE)(English) MARKET COMMENTATOR DAVID BUICK SAYING:
"Not only is it damaging to the balance sheet. It would mean customers pay an awful lot more, it's very expensive. And London as an international financial centre would be severely impaired."
The decision comes twenty years to the day that European leaders decided to create the single currency, with Britain then, as now, choosing to go its own way.
Kirsty Basset, Reuters.
UK Prime Minister David Cameron said he didn't sign, because it wasn't in Britain's interests.
(SOUNDBITE)(English) UK PRIME MINISTER DAVID CAMERON SAYING:
"We had a choice: did we want to sign a new treaty, with huge amounts of extra complexity and bureaucracy and all the rest of it, that would go into our existing treaty, did we want to do that without proper safeguards for Britain. If I couldnt' get those safeguards, I said I wouldn't sign that treaty, I didn't, so I didn't."
The decision has sparked concern about Britain's standing in Europe and eurosceptic MP Bernard Jenkin says it's time to reassess the UK's position.
(SOUNDBITE)(English) EUROSCEPTIC MP BERNARD JENKIN SAYING:
"Now that the euro states are saying well we're going ahead anyway, we don't care what the British think, we are in a very different European Union. The European Union has changed, it is time to change our terms of membership of the European Union."
BGC Partners Senior Strategist Howard Wheeldon believes the decision will leave Britain in a stronger position.
(SOUNDBITE)(English) HOWARD WHEELDON, SENIOR STRATEGIST, BGC PARTNERS, SAYING:
"There will be a school of thought that says it is damaging and the UK risks being very isolated, that our trade with Europe will decline, I don't think that will occur. Of course though the fear is there. I just think we are too strong we can get out and find new markets."
One of the issues of contention for Cameron was a tax on financial transactions, which market commentator David Buick says would be detrimental if it was ever introduced in Britain.
(SOUNDBITE)(English) MARKET COMMENTATOR DAVID BUICK SAYING:
"Not only is it damaging to the balance sheet. It would mean customers pay an awful lot more, it's very expensive. And London as an international financial centre would be severely impaired."
The decision comes twenty years to the day that European leaders decided to create the single currency, with Britain then, as now, choosing to go its own way.
Kirsty Basset, Reuters.