I don't think that Cameron had any choice in his decision to refuse the deal.

There are two major factors here.

1. The city, like it or not (and most of us would say we don't), is responsible for ten percent of our economy.
2. 40% of our trade is with the European Union.

There is a conflict inherent in that, since we cannot afford to lose either.

Ad to that the fact that the Coalition has enacted a law decreeing that any further transfer of sovereignty to Europe will automatically trigger a referendum, and that the deal on offer would give Brussels authority over our fiscal budgets and the taxing of the city.

A "Yes" from Cameron inevitably would have triggered a referendum which might well have the result of our leaving the EU.

The only part of EU operations from which we will be excluded is that business which affects only the Eurozone, of which we are not a member.

We are still a member of the twenty seven and will have a voice in matters affecting them. Europe needs the City almost as much as we do, which means they need us to remain a member.

All in all Cameron, on this occasion, did the best that anyone could have.

Don T