Will David Cameron's veto protect the City?

Will David Cameron's veto protect the City?

Press quote (The Guardian)
12 December 2011
Simon Tilford, chief economist at the CER, told me: "I find it very hard to understand why the exercise of this veto is some kind of victory for the City. I don't think that's shared unanimously across the City. It's not going to make it easier to contest ill thought out regulations, if anything it's going to make it harder because Britain has burnt a lot of bridges here.

It's going to make it difficult for Britain to forge the necessary coalitions of interest. It's going to make it even easier for Britain to be pigeon holed as in the pockets of the city. That's quite unfair because it has done more to address the problems than Germany and France in splitting banks and improving capital requirements. The French and Germans have been foot dragging. I find it very difficult to see any silver lining in this. Had he vetoed this on the grounds of it being a suicide pact that believes the crisis can't be helped by ever increasing austerity, I would have thought he had an argument. He obviously felt the need to throw the Eurosceptics some red meat but the danger is he will have emboldened them and weakened the UK in Europe."