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Boris Johnson steps forward to support the city

Boris Johnson has today entered the fray after arranging a number of meetings with EU MEPs regarding the changing regulatory situation for the financial services sector. He has been in Brussels fighting on behalf of hedge funds and private equity companies in the UK who are set to be hit hardest by the ever-growing raft of EU regulations regarding the UK, and European, financial sector.

Despite the fact that his appearance in Brussels has been ridiculed by many Labour MEPs, claiming that the Conservative MEPs have no influence in Europe, this looks like being the beginning of an ever widening gap between the Labour Party and the Conservative Party. Traditionally the Conservative Party has been one which has been favourable to the financial industry although it has to be said that Gordon Brown, particularly as Chancellor of Exchequer, was more than helpful to the city.

While support in Brussels is fairly thin on the ground for Boris Johnson, there are a number of US counterparts who believe that the EU directives aimed at the financial sector go too far and will literally kill off any growth in this sector. It is easy to blame the sector for the recession in the short-term but ultimately the worldwide financial sector is a very prominent area of the worldwide economy. If growth was to be curtailed in the medium to longer term this would have serious implications for the overall growth in the worldwide economy.

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