Yahoo, the internet company, is planning to move its European headquarters from London to Switzerland, with 70 of its top managers in the UK told to relocate or lose their jobs. Financial Times, Daily Telegraph

One person close to the move said it was made for corporate tax reasons.

Google, which has large commercial operations in London, recently chose to base its European engineering headquarters in Zurich and in 2006 Electronic Arts, the games publisher, moved its European headquarters from outside London to Geneva.

Yahoo said the move was 'part of its ongoing international strategy to increase competitiveness and to deliver financial results, performance and efficiency'.