The Labour party has changed course on Europe, adopting a policy more consistent with that of the Conservatives rather than a Europhile centre-left party.
As the eurozone countries head towards an inevitable integration between the euro member countries, Britain risks further alienation from European fiscal and monetary policy which will be decided without UK representatives able to influence other EU finance ministers.
Nevertheless, gauging the temperature of public opinion, where the majority of people would like to see more power return to Britain's shores, the Labour party has declared that it is opposed to the transfer of further powers from Westminster to London if it damages UK growth.
The shadow foreign secretary, Douglas Alexander, made the announcement this afternoon and will be welcome by those Eurosceptic Tory MPs who believe that the UK should leave the EU altogether. Any further votes in the Commons on the matter, might prove to be very tricky for the prime minster, David Cameron, still wary of the anti-EU sentiment following the Conservative rebellion last month.
Mr Alexander also confirmed that Britain would not be joining the euro under a Labour government.
He dispelled the notion that the UK would lose its influence in Europe saying that Labour would not seek to "simply defend the status quo" and said a "hard-headed view of Britain's national interests" is needed during negotiations with other EU leaders.
In an attack on Conservative policy, he said that Cameron "was disengaged" with the people of Britain and that he should start seeking to renegotiate powers while Germany currently seeks a treaty change.