Britain wins ECB case

Britain 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 on clearinghouses.

The EU General Court in Luxembourg ruled yesterday that the ECB lacks legal powers to dictate the location of the clearing of euro-denominated trades. It said the central bank would require a change in EU law to win those rights.

“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,” said George Osborne, the UK’s chancellor of the exchequer.