Britain's new Chancellor of the Exchequer faces his first European defeat tomorrow when the Ecofin committee meets to sign off the EU's controversial hedge fund directive.
George Osborne did try on Friday to delay the crucial finance ministers' meeting, to give the new Conservative-Liberal coalition more time to marshal its arguments against the highly unpopular measures. But his requests were rebuffed and, despite vociferous City campaigning against the new rules, Mr Osborne is understood to feel that negotiations are too far advanced for him to be able to mount an effective defence.
In any case, who gives a toss for the hedge fund community? If Brussels wants to stick it to them, we should be cheering. (And I know that they are supposed to make a lot of money for the UK - it's just that so much of the benefits seem to be limited to a small magic circle.)