EU crisis deal- UK doesn't sign

The Eurozone Crisis Summit in Bruxelles has concluded with a plan to have much closer economic cooperation between the Euro members, in an accord to be ratifed by next March.

However, David Cameron was unable to get concessions agreed protecting British interests, so would not join the 17 core members who have agreed to the Franco German led deal but some of the 10 non Euro currency members may well join.

One of the major UK sticking points is the imposition of a banking transaction tax, that could erode the position of London as a major financial centre, costing jobs and corporation tax revenue. Why trade in London with every deal taxed, when you can move to say Hong Kong, or New York, where they will welcome you with open arms, no transaction tax and maybe subsidies to get off the ground.

Total agreement would have been ideal but was always looking unlikely and for now the markets are in the hands of the politicians, all of whom no doubt will see the summit as a success, though the European Equity markets have opened negatively, just hours after the summit end.