A proposal by Gordon Brown's government to up the taxes paid by resident foreigners and demand greater transparency in their offshore dealings has many fearing an exodus of London's international financiers. This comes at a time when increasing numbers of businesses in London are also moving their headquarters to countries with lower taxes. Layoffs by banks in the wake of the subprime crisis are further damaging the City's reputation as a vibrant financial center. A loss of foreign residents and international business would be devastating for a city that has emerged as New York's greatest rival for global preeminence.

Snapshot asks, could New York reclaim the top spot if London falls?

The Times - Nondom Raid will Lead to Capital Exodus
Financial Times - Big Companies Consider Domicile Status
International Herald Tribune - Job Losses Feared in British Financial Sector
Financial Times - City Job Vacancies Down by a Quarter
Bank for International Settlements -Intl. Financial Centers: A Network Perspective