The UK is becoming ever more isolated from the EU as it tries to preserve its financial services supremacy.
The UK was a holdout in the negotiations which unfolded in Brussels overnight. The EU may send the matter to the EU commission and the EU parliament without the backing of the UK, Bloomberg reports.
The draft rules released yesterday would require banks to carry very large capital cushions above what they are required to carry by the Basel accords, which would trim profitability.
UPDATE: I was wrong on the UK holding out for lower capital requirements. Turns out Osborne higher capital ratios than the rest of the EU…
