French President Nicolas Sarkozy has described Britain as the "big losers" of the recent round of EU appointments as Frenchman Michel Barnier was given the finance brief.

This could signal new tighter EU regulation of the banking and finance sector, which many fear could damage London’s status as a major financial centre.

French ministers have pushed for tough new rules to govern banks and hedge funds and it is likely that Barnier will use his position to do so further.

If he is successful, new regulation could harm profits and lead to a reduction in the number of places available on finance graduate schemes.

Sarkozy told Le Monde: "It’s the first time in 50 years that France has had this role. The English are the big losers in this business. It’s exceptional for France."

Last week, a review commissioned by the government into the governance of banks undertaken by Sir David Walker recommended that the number of top earners should be published, but not their identities.

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