Boris begs Pru not to move to Hong Kong

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The Independent Online

Boris Johnson is "begging" the boss of Britain's biggest insurer not to move its head office out of London.

The London Mayor has written to Prudential chief executive Tidjane Thiam after becoming "extremely concerned" at suggestions the insurer is considering moving its headquarters to Hong Kong to avoid tough new EU solvency rules. Johnson said he was working to ensure EU regulatory initiatives did not work against the interests of the UK. He wrote: "I would like to remind you of the many advantages to your firm being based in London, including an increasingly favourable corporation tax regime and the most qualified workforce of any major city in the world."