The DT reports:
George Osborne is to admit defeat on new European Union rules to regulate Britain’s multi-billion pound hedge fund and private equity industry and allow finance ministers to pass a new directive which could badly damage the sector.
Mr Osborne told Ms Selgado of the UK’s fears about the directive but it was clear, according to sources, that the vast majority of European states supported the new regulations. The UK is only supported by the Czech Republic and because the vote is under qualified majority voting, the UK is set to lose.
British hedge fund managers say the new directive will cost UK funds millions of pounds in new regulation fees and could lead to an exodus of City leaders to Switzerland and the Middle East.
An exodus of ‘City leaders’ to Switzerland and the Middle East? Oh dear. How sad. Never mind.
I’ll be at Heathrow Airport to wave them goodbye. And to make sure that they’re really going.
More on this wonderful news here.
And good to see the Germans cracking down on the speculators too.
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