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Davies warns Europe over regulation

FSA chairman Howard Davies has issued a warning to Europe not to impose legislation liable to drive business away from London.

Speaking to the British Chamber of Commerce in Brussels, Davies said he wanted the EU to agree on a common set of standards designed to protect London&#39s position as Europe&#39s financial capital.

If it failed to do so, he warned there was a risk that business would flood to other major financial centres, with New York being the main beneficiary.

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