European Parliament economic and monetary affairs committee chair Sharon Bowles has furiously attacked the Government’s approach to last week’s European negotiations.
Last week, 26 EU member states agreed in principle to new fiscal limits on eurozone economies, with the UK the only member to reject the treaty.
Prime Minister David Cameron had demands to exchange for the UK’s backing of the plan, including giving the FSA the last say on UK regulation and an exemption from any future European financial transaction tax.
LibDem MEP Bowles (pictured) says the UK’s approach to the negotiations attempted to unpick earlier agreements and interfere in legislation currently being worked on, making the UK look like a “sulky child”. She says: “It was trying to power grab and renege on agreed legislation. Its demands were a carefully crafted wolf in sheep’s clothing or, as a colleague said, a rat sandwich that misled LibDem leaders in the UK but not us in Europe.”
She accuses the Government of using “inaccurate invocations” of conclusions from meetings of EU finance ministers to make demands unrelated to what was being discussed at the summit.
She says: “Asked to save the euro, Mr Cameron gave in to his eurosceptic party. He has jeopardised UK interests, including those of the City, when there was nothing threatening the UK.”