Cameron vows to defend City from EU rules

DAVID Cameron yesterday said the Conservatives would defend the competitiveness of the City against European regulation if his party is elected to government next year.<br /><br />Pledging to seek the return of some powers from the EU to Britain if they won an election expected next year, Cameron said they did not aim to sabotage the bloc.<br /><br />Cameron was unveiling the party&rsquo;s new stance on Europe after admitting that Czech President Vaclav Klaus&rsquo;s signing of the Lisbon treaty on Tuesday had sunk his hopes of holding a British referendum on the document.<br /><br />Cameron said the Tories would want a tough financial settlement in forthcoming negotiations on the EU budget, &ldquo;ensuring that Britain does not pay more than its fair share&rdquo;. <br /><br />And he added: &ldquo;We will pay particular attention to the area of financial regulation, where we will be vigilant and tenacious in defending the competitiveness of the City of London.&rdquo;