Mandelson attacks Europe’s bid to rein in the hedge funds

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The EU's proposals would require hedge-fund managers and private-equity firms overseeing £500 million or more to report to regulators. The directive is one of several measures the EU has proposed in the wake of the financial crisis.

Mandelson said in a speech in Brussels: "It is vital that this is fully consulted on and carefully designed. We have to make sure that we don't cut off important sources of venture capital or do anything that makes it harder to manage venture capital investments within the single market."

The Financial Services Authority estimates the rules may cost fund managers £4.6 billion in compliance expenses.