The UK government "must go into battle" at Thursday's European Union summit on banking union to defend the City as a leading global financial centre, a House of Lords report said today. The EU select committee of the British parliament's upper chamber warned that the proposed banking union, which the UK is not joining, posed a significant threat to both the single market and the City.
"The UK's decision not to participate in the banking union proposals could have significant consequences," says the report. "While the precise impact on the UK financial services industry is difficult to predict, a degree of marginalization will be inevitable as the euro area (and possibly other member states) take steps towards deeper integration." The committee thought government assurances that the UK's financial pre-eminence would go on regardless might prove misplaced. "We urge them to do everything necessary to ensure that London's leading position is not imperilled by the move towards a banking
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