Can George Osborne block the EU hedge fund directive?
George Osborne makes his way to Brussels tomorrow with the intention of blocking a new EU hedge fund directive which many believe will make the City of London less competitive. Many people blame hedge fund and similar investment vehicles for the volatility in worldwide stock markets over the last two years and new regulations appear almost inevitable. But can George Osborne block or water down the current EU hedge funds directive?
While there is a feeling that the UK government has an argument for blocking or watering down the EU hedge fund directive there is concern that the situation has now moved too far to change. When you also take into account the fact that the EU has for some time been looking to reduce the influence of the City of London in the overall worldwide financial market the signs are not good for George Osborne. In many ways this is a no lose situation because ultimately he has not been involved in discussions regarding these regulations and indeed if he is able to change them he will be something of a hero to the financial sector in the UK.
This would appear to the first of many conflicts between the UK coalition government and Brussels!
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