It’s one thing putting up with your home grown politicians taking pot shots at your business. But when those meddlesome European legislators start doing it, you know they are less inclined to worry about the negative effect it will have on your hometown – if you happen to be based in the City.

Independent: British diplomats will today begin the final stage of a desperate rearguard action against new European legislation that London-based hedge funds and private equity firms warn could drive them out of business.

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Long jealous of City dominance, France, Germany, Italy and Luxembourg would like to see the AIFM directive proceed unamended which could have the effect of driving many of the hedge funds abroad (i.e. Far East or America, not Europe) or out of business altogether.

Simon Walker, chief executive of the British Private Equity Association, described the situation as “extraordinarily serious”.