London has lost its status as the best place for international companies to do business, ICAEW chief executive Michael Izza has warned ahead of the Budget.

'People I talk to are openly questioning whether or not they should be based in London or should move themselves and their corporate headquarters to more favourable climes,' Izza said on his blog.

He added: ' Wednesday’s budget will be the only chance the Chancellor has to reverse this – to leave it will be too late.'

Izza said he would do little to change the tax system if he were the chancellor, but would work on simplification.

Further reading:

Time for a comeback

Financial power list 2008