The penny has finally started its long descent as to what will happen to the City once it is subject to the new EU, Brussels based, Franco-German dominated Euro financial regulator. The City of London Corporation has just realised how dangerous these new Brussels rules/laws are to the City.
Stuart Fraser, chairman of policy and resources stated:
" We have lost the broader argument about ceding control of UK rules to the EU, although we are happy some concessions have been made.
We now have a situation where binding arbitration dictated by Brussels could overrule the UK FSA"
Mr Fraser added this could lead to the exodus of hedge funds from the UK. Well you read it here first! Mr Fraser then goes on to say the EU seems hell bent on driving hedge funds out of Europe. I would say removing hedge funds from the UK is more accurate.
Hedge funds, 85% of which operate out of London, are one of the main the driving forces in the City providing billions of pounds of business for banks, market makers, lawyers and insurers.
As Mr Fraser puts, "it if this legislation is not radically changed the cost to the UK economy will be huge".
Well pressure from the top brass forced Gord to hold his Iraq enquiry in public. Will pressure from the City grandees force the EU to climb down? Not a hope unless LibLabCon say they will concede an immediate UK referendum on Lisbon. The Irish got huge concessions from the EU on lesser matters than the future of one of the worlds main financial centres. The problem is our MPs, MEPs and government are only concerned with their own personal and party selfish interests as shown last night in the deplorable election of Bercow, a proven expenses flipper, as Speaker by Labour to stuff the Tories. Who cares about our country?
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