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Nicolas Sarkozy to attack the City of London

As many had expected, Gordon Brown was caught in something of pincer movement during the recent flurry of EU high-level appointments which saw the UK government gain top spot in the foreign office while the French authorities have bagged the economic crown. Today sees the first in what many believe will be an ongoing programme of attack on the UK financial sector and in particular the City of London.

Nicolas Sarkozy has directly hailed the appointment of a new French EU finance minister as the chance to clamp down on the operations of the City of London, something which will not go down very well within the UK government. When you consider that the financial sector is the main sector in the UK economy it would appear that the UK government and the City of London will have their hands full fighting off the advances of the European Union in the short, medium and longer term.

Even though we have seen UK consumers become more optimistic about the UK economy in the short term, it very much seems to be one step forward and two steps back for the UK government as we lurch headlong towards the next general election, which many believe could be postponed as long as possible, with June mentioned as a possible date for the election.

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