Banks and business owners will snub the UK if they are hammered with higher taxes in the Budget, Andy Burnham has been told.

Senior executives from global banks warned the Prime Minister they would divert investment away from the UK if industry levies are raised.

A survey, meanwhile, found half of business owners would consider quitting Britain if capital gains tax (CGT) was increased or a levy on wealth introduced.

In a stark message to the Prime Minister and Chancellor John Healey, Elisa Sofocli – a tax expert at advisory business Blick Rothenberg – said ‘those with the broadest shoulders have the longest legs’, signifying they have the means to leave the UK if the burden becomes too onerous or unpredictable.

There are growing fears that Labour is plotting a tax raid in the Budget on October 28, with banks and the wealthy in the firing line.

Bankers are increasingly worried about a windfall tax on the industry, too.

David Postings, of lobby group UK Finance, said: ‘I think already we’re very highly taxed. To go further than that, I think, would reach a tipping point and would be very risky on the part of the Government.’