Fears of a corporate exodus from Britain were re-ignited yesterday when Henderson Group, one of Europe’s largest investment managers, said it was considering moving its tax base to Ireland.

Its announcement underlined concerns about the waning competitiveness of the UK tax system, which led to the departure of two multinationals in the spring. Many others are examining their options, including Brit Insurance, which yesterday confirmed it was 'actively considering the issue of tax domicile'.

John Cridland, deputy director-general of CBI, the employers’ group, said: 'The UK’s uncompetitive corporate tax system is driving firms overseas, and until this is recognised and tackled we fear more internationally mobile firms will follow this path.'

Financial Times