City of London leaders have told the Financial Times they fear that the UK government is too weak to protect the financial sector from strict new European regulations that could undermine London's global competitiveness.
Many UK bankers and brokers believe Gordon Brown's Labour government is too weak and too distracted by the Parliamentary expenses scandal to lobby effectively.
They are particularly concerned about next week's meeting of the European Council to discuss a pan- European financial stability regulator as well as the recently proposed directive on hedge funds and other alternative investments.
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