UK Prime Minister David Cameron has defended a decision to block the formation of a new European Union treaty aimed at solving the eurozone debt crisis. The move came as all other 26 members of the bloc agreed to back Franco-German proposals for greater fiscal coordination. Cameron reiterated previous comments that he rejected the EU treaty change on the basis that it did not provide sufficient safeguards "to protect British interests". During a round of interviews, he stressed that the UK was opposed to forfeiting additional sovereignty to Brussels, stressing there would always be a risk of "Britain getting dragged in" under a new treaty. He also rejected speculation that Britain would be ostracised as a result of his opposition, insisting that the nation "was not being excluded from Europe". He said the country would continue to participate in the single market and would remain the leader in regional foreign policy. Meanwhile British premier has met Conservative backbenchers amid the fallout from his veto of an EU treaty change. About 30 MPs, said to be from all sides of the party, visited his official country residence on Friday night, according to the BBC News . His Deputy Prime Minister, Nick Clegg said there was "clearly an increased risk of a two-speed Europe in which Britain''s position becomes more marginalised, and in the long run that would be bad for growth and jobs in this county," the BBC reported. Critics from within the UK and across Europe have warned that the Cameroun''s decision to block the proposed EU-wide treaty change will leave the UK isolated. Labour said the UK would be left out of key European Union decisions affecting the country's future.