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Britain victorious in clash over City of London clearinghouses

"This is a major win for Britain and a major win for all those who want to see a European economy that is both open and successful." - George Osborne, the UK's Chancellor of the Exchequer


BRITAIN has scored a rare victory in its bid to challenge European Union powers over the City of London as EU judges sided with the UK in a clash with the European Central Bank (ECB) on clearinghouses.

The EU General Court in Luxembourg ruled on Wednesday that the ECB lacks

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