David Cameron’s decision to effectively exclude the UK from important financial decision making in the European Union shouldn’t have come as a surprise. There was some hope that he might be ‘moderated’ in some way by his coalition partners, who are now falling over each other in a bid to distance themselves from his actions. What is most ridiculous about this whole sorry affair is that, in naively thinking he was defending the City of London as a centre of business, he has actually threatened it. Whoever described the UK as now no longer taken seriously by both the rest of Europe and the USA was absolutely right. The damage done may be irreparable, unless the LibDems actually stand up for their principles. What chance of that?