Sir David Walker's self-regulation recommendations for the UK large buyout industry were welcomed by participants but criticised by politicians and trade unions and eyed with caution by international trade bodies.

Walker, a Morgan Stanley adviser, has come under fire from critics, including John McFall, chairman of the Treasury Select Committee. The committee was formed in March to investigate the industry at a cost of at least £17,400 (€24,000) to the UK taxpayer, according to a freedom of information request from Financial News.