Lloyd's needs tax reform to stay at the top

Lloyd's of London chairman Lord Levene has again called on the government to revise the corporate tax regime to protect the business.

Lloyd's, which is regarded as the main market for insurance, faces pressure from insurers moving offshore due to take advantage of more attractive tax regimes.

'Companies are not going to redomicile overnight but, if we can see the threat coming, then the Government must act on it,' said Lord Levene, reported the Daily Telegraph.

Lloyd's saw its interim profits fall by half to £949m for the six months ending 30 June, compared to £1.8bn 12 months earlier.

A drop in investment and increased claims dragged profits down, it said.

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Lloyd’s chief renews attack on Govt’s tax policies