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Sharon Bowles, Liberal Democrat Euro MP, who chairs the Economic and Monetary Affairs Committee in the European Parliament, today deplored the use of the veto by David Cameron during last Thursday´s late night negotiations.

Speaking during a plenary debate this morning in the European Parliament Sharon Bowles said:

"I abhor Cameron's use of the veto".

"His demands were not 'moderate'. They were a mix of attempts to reverse agreed positions disguised by inaccurate invocations of conclusions from regular meetings of Finance ministers and interference in current legislative dossiers. It was a power grab, reneging on agreed legislation. Crafted as a wolf in sheep's clothing, it may have fooled some in the UK, but not us.

"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 in the European Council agreement threatening the UK.

"After all, what was the purpose of the Vickers report; of higher capital requirements; and of tighter UK financial market rules, other than to respond to UK taxpayers´ demand for a safer City of London. We should be following that path alongside our European partners in harmony, not in antagonism".

"In this crisis, there is no worse time for Cameron to have turned his back on Europe. His veto has made the summit result harder to deliver, more intergovernmental, and less democratically accountable."

ENDS

Note for editors:

The current proposals on the Financial Transaction Tax (FTT) and the Common Consolidated Corporate Tax Base (CCCTB) were not part of discussions at the European Council of 8-9 December; and the Prime Minister´s proposed Protocol calling for "no discrimination within the single market for financial services" was rejected.