Gerald Ronson, the property entrepreneur, has warned that the Government is putting London’s reputation as the 'financial capital of the world' in jeopardy. Daily Telegraph, The Times

Ronson, the chief executive of Heron International, made the remarks at his annual lunch yesterday, one of the property industry’s best attended events.

'London is unique. But we need to protect our position as the financial capital of the world. We need to ensure that people continue to want to be based in London. We have to offer them the most desirable assets in the best locations, not frighten them away with confused signals from the Treasury,' Ronson told his guests, including Labour minister Tessa Jowell.

Ronson, who is currently developing more than £1bn of property including the 600ft Heron Tower in the City of London, argued that risk has not been priced appropriately, creating the 'trigger for one of the largest banking crises in the past 100 years'