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Boris Johnson highlights problem for UK hedge funds and private equity firms

Boris Johnson, the Mayor of London, has today highlighted the fact that UK hedge funds and private equity firms could be up to €3.2 billion a year worse off if a European directive becomes law. In a blatant attempt to grab a slice of the UK financial market, EU regulators have introduced a new directive which will increase the cost of running hedge funds and private equity firms via a number of regulatory charges.

The fact that Boris Johnson, who is in effect the voice piece of the UK financial market, has spoken out so strongly against the EU directive could well push the issue back into the limelight and force the UK government to make a positive move. A recent report suggested that the London financial market was in fact the most popular in the world, something which the EU regulators and EU financial companies are well aware. As we move towards a federal Europe, more and more power is being taken from EU members to feed the ever-growing EU regulatory sector.

Unfortunately, unless the current and the future UK government makes a firm stand against the EU move we will slowly but surely see the power of London eroded and the EU financial centre as a whole increase in stature.

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