Britain ponders the City’s future
Has British Prime Minister David Cameron hurt his country’s powerful financial services industry more than he has helped it? Many bankers and economists are pondering that question after Cameron’s surprising decision last week to leave Britain out of a historic accord aimed at moving Europe closer to political as well as monetary union. Cameron said the pact lacked safeguards to protect the City of London, Britain’s version of Wall Street, against future regulations that might not be in the City’s best interests. And because France and Germany would not bend on his proposed protections, he would not sign on to their plan for more tightly coordinated oversight of European Union governments’ revenue and spending.