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George Osborne, UK chancellor, is insisting that European Union finance ministers next week continue to debate new requirements for clearing derivatives, in spite of his counterparts making clear that London is alone in opposing the package.
The looming defeat over the planned derivatives rules is heightening British concerns – both in government and in the City – that the UK is increasingly isolated in Brussels, just as a wave of financial regulation enters the EU legislative pipeline with far-reaching implications.
An overwhelming majority of EU countries want to override the two main UK objections and ask finance ministers to confirm a joint position at their gathering on Monday, enabling negotiations to begin with the European Parliament. But in a heated meeting of EU ambassadors, Britain warned that rejecting its views on a London-based industry would have “consequences”, not least in enraging eurosceptics in Westminster calling for Britain to reclaim powers from the EU.
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