The Telegraph: Osborne in EU hedge fund defeat

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.
Sources close to the new Chancellor of the Exchequer said that although the British Government still disagreed with large parts of the directive, the process was now too far down the track to be stopped. “We know we have to pick our battles and this was one we had already lost.”