Britain's banks have launched a strong intervention in the debate over the nation's membership of the European Union, calling for closer ties with Brussels and urging the government to raise its game in order to make the single market work.
The British Bankers' Association has sent a submission to a Treasury review that counters fears over the split of powers between London and Brussels, saying the current balance was "broadly appropriate". It added there was an "overwhelming" case for more resources to be devoted to relations with Europe and warned that the UK was significantly under presented in Brussels.
(Read more: Has theUK counted the cost of leaving the EU?)
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In a sign of the concern in the City over the outcome of David Cameron's pledged referendum on EU membership, Citigroup has separately made an explicit warning to the Treasury about the costs for the UK economy if Britain were to leave Europe.