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    The PM has warned the City is under attack from Europe.

    Sky reports: "The Prime Minister David Cameron has said London's financial sector is under assault from European Union rules and regulations."

    The Prime Minister has warned that the 17 eurozone nations are having a lot of meetings together, establishing machinery, and asks whether this is leading to caucusing within the EU, with the ultimate aim of the "block of 17" ganging up on Britain's centre of financial services.

    This latest drift in events will certainly do a lot to salvage the PM's public image after his debacle in Parliament when the eurosceptics put up a staunch resistance.

    If I decipher this rightly, Cameron has realised that, as far as the British public opinion is concerned, he either stays with the EU and goes, or he fights the EU and stays on.

    So if the block of 17 has decided to paralyse the City in order to knock Britain out financially, then the Prime Minister has chosen the most appropriate battle cry to redeem himself in the public eye.

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