London’s lord mayor has warned the government that some of the City’s biggest wealth creators were preparing to leave Britain because of the planned tax crackdown on non-domiciled UK residents. Financial Times

Speaking to business leaders at the annual trade and industry dinner at Mansion House, Alderman David Lewis said the proposals threatened to become the British equivalent of the US Sarbanes-Oxley legislation that had undermined New York’s role as an international financial centre.

He said a survey by the City Corporation had found that London’s lead over New York had 'dropped significantly' in recent months, partly because of the non-dom proposals.

To warm applause, he urged John Hutton, business secretary and guest speaker at the dinner, to take the City’s concerns back to the Treasury, saying the changes threatened the prosperity of the whole country.