Wealth Bulletin – Paul Myners has vowed to fight “tooth and nail” to revise a directive from Brussels that would give the European Union the power to set limits on how much hedge funds are allowed to borrow.

The draft legislation has triggered panic in the industry and prompted several senior figures to threaten to leave London unless the legislation is radically altered.

Myners will meet Sweden’s deputy finance minister in 10 days to seek changes to the directive, as Sweden prepares to take over the EU chair from Czech Republic on July 1.

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brussels, czech republic, deputy finance minister, draft legislation, european-union, hedge funds, july-1, london, paul myners, rsquo, sweden, tooth and nail