New Lloyd's chairman slams UK tax and regulation

John Nelson, who will take over as chairman of Lloyd's in October this year, has hit out at the UK tax and regulatory regime.

In an interview with The Telegraph, Nelson, who will replace long-standing chairman Lord Levene, said the challenges to London's position as a global insurance centre were "commercial, regulatory and fiscal".

He said that increasing regulation would be a threat and the current corporate and personal tax system in the UK makes it difficult to lure talent from overseas.

Nelson also vowed to continue Levene's work of making representations to the UK goverment on tax and regualtory matters.

Lloyd's named Nelson, a former investment banker and chairman of property firm Hammerson, as Levene's successor yesterday.