Brown 1 : Barnier Nil

UK Prime Minister Gordon Brown has waded into the ongoing debate over the proposed AIFM Hedge Funds directive in Europe and had it taken off the agenda of an upcoming EU Finance Ministers meeting.

The directive has been roundly (and soundly) criticised as a piece of protectionist rubbish that seeks to diminish the importance of London as a financial centre.

Michel Barnier, the EU Commissioner for Financial Services, said he will not be swayed by Paris, London or Washington in taking the proposals forward.

The AIFM has now been rescheduled for discussion at a G20 summit next month.

With an election imminent, Prime Minister Brown needs to be seen to be supporting the financial sector in Britain.

But really it is not even quarter time in the football match that is EU Hedge Fund regulation.  PM Brown scored this time, my money is still on the boys from Brussels to win by means fair or foul by full time.