Chancellor George Osborne speaking at the European EcoFin meeting:
"I can't support the proposal currently on the table, but I hope with some progress, we can reach a deal which everyone can back".
The chancellor seems to have conceded that the legislation will now pass. This would be devastating for the city. The German finance minister Wolfgang Schäuble suggested that EcoFin uses the room on technical details to get everyone on board. As only the UK is currently objecting, that was a clear reference to the chancellor.