The ongoing saga of Britain's often fractious relationship with the European Union (EU) took another turn Friday, as the U.K. and Germany signaled closer co-operation over the country's role within the trading bloc.
George Osborne, the U.K.'s Chancellor of the Exchequer, and his German counterpart Wolfgang Schaueble wrote of their wish to "guarantee fairness" for non-euro-zone European Union countries, in an article in the Financial Times on Friday.
As the euro zone's monetary ties get stronger, Schaueble also endorsed the possibility of a "two-speed solution" for Europe.
Germany's commitment to protect both those inside and outside the euro will be seen as a victory for U.K. Prime Minister David Cameron, and help him to sell EU membership to his own party and the broader British population. The topic was top of the agenda during German Chancellor Angela Merkel's visit to London in February.
Cameron has committed to a referendum on whether to remain in the 28-state union if he wins the next general election. This has raised eyebrows in the City, where many view continued U.K. membership of the EU as vital to economic success.