Lord Levene of Portsoken, Lloyd’s of London chairman, renewed his attack on the Government’s tax policies last night, warning the dominance of the world’s biggest insurance market was coming under threat because of Treasury dithering.

Addressing Lloyd’s annual City dinner, at Merchant Taylors’ Hall, Lord Levene called on the Treasury to sharpen up UK’s corporate tax regime immediately or risk seeing an flood of companies depart to lower-cost locations such as Bermuda, Dublin and Geneva, The Times reports.

Lord Levene also urged the Chancellor to make specific tax changes for Lloyd’s underwriters and brokers to ensure the 320-year-old market remained the global centre for insurance and reinsurance business.

‘We have discussed this [tax issues for Lloyd’s members] with the Treasury for a very long time. They now tell us that they understand the force of our argument and hope to reach a decision soon,’ he said. ‘I fear though that “soon” is a moveable feast, and we need a favourable decision now.’

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