“We’ve got this four-year window for non-doms. That’s fine if you’re a high-paid employee who is spending a few years here on secondment and then going back home.
“But if you’re wanting to take up a chief executive role or anything from managing director upwards in a bank and you’re going to be heavily relying on bonuses that are deferred – [then] actually, having seven years grace instead of four might be more of an incentive.”
5. Get comfortable with risk-taking
Much of the City is still scarred by the experience of the financial crisis, with regulators bearing down on bankers if they take too much risk.
However, as Reeves pointed out in her Mansion House speech, this aversion to risk-taking has gone too far.
Nitesh Palana, director of risk at Thought Machine, a banking tech firm worth more than £2bn, said: “The real problem is society’s attitude to risk and our knee-jerk reaction to adverse events.
“When something unfortunate happens, the natural response – particularly in the West – is to legislate or regulate it from happening again. The constant addition of new rules only adds to the regulatory burden, making rules impossible to monitor and enforce. Therefore, adding new regulations just becomes a political point rather than actual change.”
Bob Wigley, the chairman of UK Finance, the industry lobby group, said it was the most “pro-active and pro-City Chancellor’s speech I think I can remember”.
But actions speak louder than words. Reeves must show she is happy to embrace more risk taking in the City – even if it means more bumps along the road.