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The menu was set and the fine wine at the ready, but No 10 now has tomorrow evening free after French President Nicolas Sarkozy dramatically cancelled his Londres tête à tête. The Premier was persona non grata at Downing Street with Gordon Brown unwilling to move appointments around to fit Sarkozy in. The Frenchman provoked fury in the City this week after claiming "victory over the Anglo-Saxon" financial system by snaring a compatriot for the top job of EU commissioner for the internal market, including financial services. The Evening Standard reported that No 10 was not "in the mood" to cancel engagements for the French president's benefit after his "inflammatory" comments on a victory over Britain on the City. The Daily Mail called it "Le Grande Stitch-up," handing control of our illustrious financial over to the Frenchies. Traders were choking on their calculators at the very thought of a European super-regulator curtailing their pay and business models - but it was Sarkozy's nationalist grandstanding that seems to have made the 5ft 5ins politican think twice about popping into our Gordo. Fading star With his star fading across the channel, the appointment of former French foreign minister Michel Barnier to the powerful post was a welcome chance to boost his falling popularity ratings by sticking it to the British. Others feel he has damaged the impartiality of EU commissioners with his naked attempt to undermine London's position as the Europe's top financial centre. He was also set to meet Gordon Brown for discussions on financial issues and Afghanistan. His advisers had panned to use the visit on Friday to try and calm fears in the City that he is putting in place a plan to impose French-style regulation on the British financial sector. Perhaps finally grasping that saying: "The English are the big losers in this business" and "this is a victory over the Anglo-Saxon model of capitalism" had not endeared him the City slickers - he cancelled. London could lose 30% business Today City chiefs called his behaviour "insulting" and warned London could lose 30% of its financial power in the next five years The Tories are furious that Gordon Brown and Alistair Darling did not see the French move coming. Officials had been immersed in a desperate dash to secure the European Presidency for former Prime Minister Tony Blair and when that did not happen, were happy at getting Baroness Ashton appointed as Foreign Minister. Conservatives feel the Government’s “red lines" on setting up three powerful super-watchdogs on banks, the insurance sector and securities have been breached as Britain will not be able to veto rulings, unless they have a tax impact. Sarkozy's London visit was as welcome as Thierry Henry Christmas shopping in Dublin, too soon mon amis.
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