This is Business Secretary on TV before giving his conference speech today. There has been a lot of bro-ha-ha over it with commentators speculating on whether or not Mr. Cable is a Marxist. Of course all these commentators – along with Mr. Cable himself are missing the one fundamental point: this country is no longer in charge of the City of London. Administration of it is progressively been handed over to Brussels.
The European Union has issued the Directive on Alternative Investment Fund Managers (AIFMs). This will set up a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The Directive will provide robust and harmonised regulatory standards for all AIFM within the EU. Oh, don’t you remember the Arch traitor Heath saying something along the lines of the U.K.’s sovereignty would not be affected?