Cameron defends decision not to support eurozone deal

Britain has blocked an EU-wide treaty change to tackle the eurozone crisis, with prime minister David Cameron arguing that doing so would have sacrificed sovereignty of financial services in London and the UK to Europe.

Instead, reports suggest that all 26 members of the union, which represents the world's largest economic bloc, will sign a new accord laying out stricter budget rules for euro users, but leaving out the UK.

Some have suggested that the move by the coalition government may result in the UK being left out of key decisions in the future.

However, Mr Cameron insisted he had done the "right thing", according to the BBC, adding that he firmly believes the UK will remain a key player in the European market.

"We wish them well," the prime minister told reporters in Brussels. "My judgment was that what was on offer just wasn't good enough for Britain. It's better to allow those countries to do their own thing on their own."

German chancellor Angela Merkel said: "I really don't believe David Cameron was ever with us at the table. We're very pleased with the result. Yesterday was no weak compromise for the euro."

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