British Deputy Prime Minister Nick Clegg on Wednesday said Britain will re-engage with Europe to address the debt issue.

The Liberal Democratic leader said ministers are "absolutely determined to re-engage with our European partners" while addressing a meeting of Liberal Democrats and business leaders in London.

Clegg said he was speaking on behalf of the "whole government," following Prime Minister David Cameron's EU veto last week, which Clegg said was "bad for Britain."

"As the dust settles on the summit that took place last week, I speak here on behalf of the whole coalition government, not withstanding the differences of view between the parties within the government," Clegg said.

"The whole government is absolutely determined to re-engage with our European partners, to get back on the front foot and to make sure that our vital national economic self-interest in being at the heart of the single market is properly followed through the weeks and months ahead," he added.

The deputy prime minister did not attend a session in the House of Commons on Monday in which Cameron explained to MPs his justification for using the veto in Brussels.

Other European leaders had sought to rewrite the terms of the Lisbon Treaty - which governs the running of the EU - to bring about further fiscal integration between eurozone countries.

But Cameron insisted on setting necessary safeguards for the British financial services sector which was then rejected by his counterparts. He therefore chose not to go along with the change of EU treaty.