The real reason why some of the UK’s richest want to leave the EU: Filthy lucre

 

So hedge fund bosses want the UK out of the EU because it means they would get to pocket more money with a relaxation of financial rules.

But if they benefit, someone will have to suffer.

Who do you think that could be?

Billionaire hedge fund managers who are backing the campaign to take Britain out of Europe stand to bank millions more pounds a year in the event of a so-called “Brexit”.

Two of the five richest hedge fund billionaires in Britain are already linked to EU exit campaigns, and The Independent understands that other fund managers are planning to throw their weight behind the Out campaign in the coming months.

Tough European rules made in the wake of the 2007 financial crisis would be under threat if hedge fund bosses helped to force the UK’s exit from the EU.

Without the restrictions, hedge funds – which specialise in high-risk, short-term investments – would save about £250m a year, an analysis by this newspaper has calculated. Bonus rules which force hedge fund bosses to reduce the amount of cash they pocket and are designed to stamp out reckless trading would also be at risk if the UK left the EU.