Britain's euro treaty veto

Issue of the day: Britain's euro treaty veto
Issue of the day: Britain's euro treaty veto

The significance of David Cameron's refusal to sign Britain up to a European deal to save the eurozone is slowly sinking in, both on the continent and in Westminster.

Talks are ongoing in Brussels as 17 eurozone countries and six others have signed up to measures which will see them surrender their sovereignty as the price of greater fiscal integration.

The mood in Brussels is one of shock, as both British officials and their German and French counterparts had expected the other side to give way.

Mr Cameron had demanded an opt-out from moves to tax financial services, a vital sector of the UK's economy. French president Nicolas Sarkozy and German chancellor Angela Merkel refused to budge, leaving Britain on the fringes of the new Europe.

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