“RECRIMINATIONS” over David Cameron’s veto last Friday are undermining efforts to secure the single market and unnerving businesses, the Confederation of British Industry (CBI) claimed yesterday.
The group stressed that thousands of jobs rely on trade with Eurozone economies, and so “the coalition government must re-double its efforts to ensure that the UK is not put at an economic disadvantage.”
“It is ironic that the focus on the British veto has overshadowed the pressing issue of Eurozone stability which is critical to all British businesses,” said CBI director general John Cridland.
“The reality of this summit is that some useful steps were taken on fiscal unity but not enough was done to secure the Eurozone’s future,” he said.
The CBI is now calling for the European Central Bank’s position – and potential to be a lender of last resort to governments – to be resolved.
“The UK’s economic future will continue to hang in the balance until it has been sorted,” Cridland continued.
Nonetheless, he acknowledged that David Cameron had responded to “legitimate concerns” over other European leaders’ proposals.