THE TREASURY yesterday renewed its vow to protect the UK’s dominance as Europe’s leading centre for fund management ahead of a key vote in the EU parliament today on fund management pay.
Policymakers at the Treasury rolled out the government’s UK investment management strategy alongside the budget yesterday to improve engagement on new regulations and the co-ordination of trade bodies and government, which it says, “needs improvement”.
The chancellor George Osborne told MPs: “We have a world beating asset management industry. But they are losing business to other places in Europe.”
MEPs are set to vote on tough new rules tomorrow designed to clamp down on fund manager pay in parallel to a crackdown on bankers’ pay. Britain opposes the plan.