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Wednesday, May 19, 2010

Oh Dear. How Sad. Never Mind. ‘Osborne in EU hedge fund defeat'

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.


David Lindsay said...

We don't need the EU to legislate against our hedge fund and private equity gangsters. We need one or more proper political forces that will do so in the Parliament of the United Kingdom.

For example, a parliamentary force for the provincial, rural, protectionist, church-based, conservative, mind-our-own-business Toryism set free by electoral reform from tendencies variously metropolitan, urban, capitalist, secular, libertarian and make-the-world-anew.

Or a parliamentary force with the deep Radical Liberal, Tory populist, trade union, co-operative, Christian Socialist, Social Catholic and Distributist, and other roots of the Labour Movement, rejecting cultural Marxism no less comprehensively than it rejects economic Marxism, and vice versa.

Among others? Possibly, even probably. But these would and should be the big two. Where are they? Roll on electoral reform.

Mr. Piccolo said...

I love how the speculators act like somehow we need them and if they left we would all be worse off for it. It is funny, the only real world examples of people "going Galt" are actually working-class general strikes and the like. I think if much of our financial and management elite left for another planet tomorrow we would probably get along just fine.