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Mayor undermines City with Europhobic bombast

October 12, 2009 1:41 PM

'Commenting on Boris Johnson's latest outburst about proposed EU regulation of hedge funds and private equity firms (e.g. Sunday Telegraph, Oct 11th), London Liberal Democrat MEP Sarah Ludford said:

"I am disappointed that although Mayor Johnson cites the advice he received when he met a cross-party group of London MEPs 6 weeks ago, he has not taken it."

"We advised him not to frame the argument in terms of an attack on the City of London since there is in fact cross-party and multinational support for revision of the Commission's hastily-drafted proposed 'alternative investment fund directive', in order to get sensible regulation which avoids over-bureaucratic rules."

"Mayor Johnson's aggressive Europhobic rhetoric risks undermining that effort. He is not doing any favours to London or the financial services industry by framing every EU proposal for stopping risky financial ventures as a plot to wreck the City."

"A subtler and less bombastic politician would appreciate the need to build a wide coalition to ensure regulation meets London's genuine interests in ensuring flourishing but stable markets and that the City is seen once again as a European asset."