From The BBC:
German Finance Minister Peer Steinbrueck has accused the UK of blocking tougher financial rules ahead of the G20 summit.”There clearly is a lobby in London that wants to defend its competitive advantage tooth and claw,” Mr Steinbrueck told Stern magazine. Germany and France have led calls for more restrictions on banks, which have been resisted by the US and UK. But the UK Treasury told the BBC the UK was not blocking more regulation. The leaders of the richest 20 nations will discuss reforming the global economy when they meet in Pittsburgh later this week. London oppositionThe UK has “particular difficulties” regulating hedge funds “to put it politely”, Mr Steinbrueck told the weekly German news magazine.
He said the financial sector accounted for 15% of the UK’s gross domestic product (GDP) in contrast to just 6% in Germany. However, a spokesman for the UK Treasury told the BBC the finance sector accounted for 8% of UK GDP, not 15%. Despite the debates leading up to the summit, Mr S…
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