In response to sustained pressure from his own backbenchers, David Cameron has strongly stated that whilst his top priority for the Euro summit is to find a solution for the Eurozone, he will veto any changes which threaten the UK’s interests. So far, so good; it’s difficult to argue against that in principle.
What’s a lot harder to see is how a failure to achieve a solution to the crisis can possibly be more in the interests of the UK than being prepared to yield a little. And for the Prime Minister even to talk in the terms he’s been using almost invites the speculators to continue betting on a failure to reach an agreement.
But what’s least clear of all to me is how he is deciding what is, and what is not, in the interests of the UK. It seems to boil down to protecting the rights of the speculators and gamblers to continue the sort of activities which have done so much damage over such a lengthy period. And protecting their interests is not at all the same thing as protecting the UK’s interests – in fact, there are plenty of people who might suggest that the two are actually in direct conflict.
It makes for good rhetoric, and cheers up his own supporters (including those people in the City who make such generous donations to the Conservative Party), but it will surely look to many as though he is prepared to go on sacrificing the interests of the many so that the few can continue to enrich themselves at our expense.