UK banks 'not immune to regulation'

David Cameron's veto over European Union (EU) Treaty changes will not save the City of London's bankers and financial corporations from tougher regulation, the European Commission (EC) has warned.

EU Economics Commissioner Olli Rehn, welcoming the new "fiscal compact" agreed by the other 26 member states at last Friday's summit, said: "I regret very much that the United Kingdom was not willing to join the new fiscal compact, as much for the sake of Europe and its crisis response as for the sake of British citizens and their perspectives."