A growing number of firms are leaving Britain for Ireland, where corporation tax is 10% rather than 28%. Shire Pharmaceuticals, United Business Media and WPP have all made the move and are now set to be followed by Zurich, one of the world’s biggest insurance companies. The move from Britain to Ireland should help cut its tax bill – £177m last year.

According to the Sunday Times, it’s in negotiations with the Financial Services Authority over plans to move its £35bn British life assurance business to Dublin. It has already moved its car and home insurance business to Dublin.

The Sunday Times surveyed British business earlier this year and found that half of Britain’s top 30 companies are considering moving their tax base offshore.