UK sounds alarm on banking union

The UK has signalled it accepts that a eurozone banking union will go ahead and that it will not be onboard but warned it will seek "safeguards" to protect its financial sector and the single market.

"A banking union for the euro area is likely to prove necessary. But it is not essential for a single market. (...) we are clear that Britain will not take part" says finance minister George Osborne in an article published in EUobserver and se...