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London’s Low Taxes Lure Foreign Companies as Banks Retrench

The Swiss town of Baar boasts clean air, easy access to ski slopes and some of Europe’s lowest personal taxes. London? Traffic and perpetual drizzle.

Yet executives at Noble Corp., a provider of deepwater oil drilling rigs, are in the process of moving headquarters from Baar to the British capital, citing the talented workforce and easy airline connections from Heathrow, Europe’s busiest international airport. On top of that, the U.K. tax rate is now competitive with Switzerland’s historically corporate-friendly tax regime.