Brits and Americans baulk at Euro controls

While the G20 kicks off British and American politicians had their own little meeting in Westminster this morning.

Congressmen on the Senate and House of Representatives Finance Committees had a private meeting with members of the Treasury Select Committee.

They were trying to agree a common approach to world financial regulation – some of which is predictably turning out to be an Anglo-Saxon defence against European style rules.

Hedge-funds and private equity were areas where the groups looked at European controls with particular disdain.

During their trip the American group, which is comprised mainly of Republicans, will also meet with Financial Services Authority Chair Lord Turner.

At today’s meeting they apparently baulked at the idea of a Tobin Tax – a levy on all financial transactions – which Turner recently publicly supported.

Furthermore, word is they plan to take him to task over suggesting that banks should have a “social function”.