The European Commission, Britain and the Pound

Shadow chancellor Alistair Darling says Ed Miliband must back a "credible" plan for deficit reduction

AFP - Chancellor of the Exchequer Alistair Darling said Sunday that Britain cannot and wi

Ralph Shell submits: The pound yesterday, had a rally with the euro, in conjunction with the perceived resolution of the Greek sovereign debt issues. As we pointed out yesterday, the guaranteed availability of money for the Greeks will enable them to repay loans to bankers who had made previous loans to Greece. Considering the ubiquitous presence of British bankers, they too, are certain to have some shaky loans, that responsibility for repayment has been slyly shifted to the taxpayers.

Ralph Shell submits: A review of recent history is beneficial, reminding us of some of the factors that brought us to the current levels and perhaps preparing us for what might lie ahead.

Britain's finance minister warned Wednesday the EU's new financial overseer against meddling with London's banking hub, saying mis-calculated reforms could drive financial services out of Europe.Chancellor of the Exchequer Alistair Darling said although financial reform was imperative in the wake of the global credit crisis, "nothing could be more self-defeating" than getting it wrong."Get it wrong and we risk losing business to less regulated jurisdictions," Darling said, writing in the Times newspaper.

Chancellor Alistair Darling says business rates will go up by only 2% from April, instead of a planned 5% rise.