Even though the tory rank and file have 'drawn a line in the sand' - we must not be fooled into thinking that this is any way at all an EU-realist reaction.
The tories are 'the party of high finance'. They are simply terrified by the prospect of the EU's attempts to shackle 'the City' in a way which has wantonly targeted the UK.
Only a tiny handful of these angry tories want us out of the EU and have signed up to The Better Off Out Campaign.
Cameron himself remains a fully sold out europhile.The point is simply that Cameron has been forced by his party 'to protect 'the City'.
The EU had foolishly not spotted what was going to happen. Given a free hand, Cameron would have capitulated as normal but many wealthy tories - given the choice of choosing to see their wealth curtailed or step back from the EU a tad - have chosen the latter option.
Cameron has noted the strong feelings in his party (otherwise described as 'self interest') and had no option but to stand up to the EU.
This is undoubtedly good for Britain as monies lost from unfair regulation of the 'City' would have caused unbelievable damage to an economy already reeling from mountains of Brussels-induced over regulation.
PLEASE DO NOT THINK THAT CAMERON HAS ACTED IN OUR BEST INTERESTS INTENTIONALLY. HE HAD NO OTHER OPTIONS.
The great thing about all of this is that if he turns back - his credibility will be utterly destroyed both in his party and in the nation as a whole.
I cannot be too optimistic about all of this however, because the EU will produce what it does best - 'a fudge': a slight concession which will see Cameron reminiscent of Chamberlain returning from Munich!
What is the good thing here is that the electorate are now much more aware of what is going on and the numbers wanting to quit the EU are increasing daily. The more you know about the workings of the EU - the less you can tolerate this evil body.
What is really good is, that from being the item on the average voter's list of their priorities which was formerly in about seventh place, The EU issue is suddenly very close to the top.
This is a disaster for Labour and also for the Lib Dems who are desperately anxious not to have 'the EU issue' anywhere in plain sight.
The tories will pick up votes from those who haven't grasped what has happened here and fall for the tory propaganda that they want to be 'in the EU but not of it' - something which is a rank impossibility.
This situation will help UKIP - but not to any significant degree, I fear.
As long as the tories promote an image of 'standing up to the EU' - however much this smacks of 'smoke and mirrors' - they will fool the gullible.
This has been the dishonest, vote-grabbing pose which they have adopted over many decades.
The last intake of tory MPs - fortunately, perhaps - are a touch less trusting of Brussels than their predecessors but this translates into very little in terms of real EU-scepticism.
Do NOT underestimate the effects of UKIP on the tory thinking. Many are trying to appear mildly EU-sceptic in order to safeguard their own seats. A drift of votes to 'the honest party' in any Westminster election could potentially unseat many a tory in marginal constituencies.
