Budget won't get Regus back

The chief executive of serviced offices group Regus today said he would still not consider returning its tax base to the UK despite George Osborne's attempts to lure businesses back..

In an attempt to get UK companies who moved to cheaper tax domiciles to return, the Chancellor is to announce changes in his Budget to the tax treatment of profits earned by multinationals overseas.

But Mark Dixon said he was not budging from Luxembourg: "We moved for business reasons and we have no plans to change."

A £15.8million bill in the UK slashed profits for last year as Regus extricated itself from onerous lease payments. Overall pre-tax profits slumped to £7.8million last year - against £86.9million in 2009.