Perhaps they should have got out whilst they had some time – starting next month, KPMG has found that bankers and hedge fund managers living in London will pay more in personal tax and social security than if they were based elsewhere.

Meanwhile, a Financial Times survey of 16 global banks found that the supertax on bank bonuses will reap more than £2.5bn for the Treasury. An unexpectedly large gain compared to the £550m predicted by chancellor, Alistair Darling.

But the short-term benefits of higher taxes may cause more damage in the long run – another London-based insurance company is looking to up sticks – Chaucer, the Lloyd’s of London insurer, has reaffirmed plans to move offshore by 2011 due to high UK corporate taxes.

London competitiveness is beginning to look like the UK’s effort at the Winter Olympics.