Fallout speeds questions about UK’s EU position

Malcolm Sawyer, economics professor at Leeds University Business School, said the level of co-operation between eurozone states required to deal with the crisis was a potential precursor to closer ties.

He added: “There could be something approaching political union among the eurozone countries which would have effects on how the EU is organised.”

Rachel Reeves, shadow Chief Secretary to the Treasury and Leeds West MP, highlighted concerns yesterday that non-euro countries like the UK could be sidelined from key policy discussions while Conservative York Outer MP, Julian Sturdy, said it presented the UK with an opportunity to wrest back powers from Brussels.