Just under half – 47 per cent – of all Londoners have thought about moving out of the capital, with that figure rising to 54 per cent for those between 18 and 34, according to the latest City AM/Freshwater Strategy poll.

A combination of rising taxes, higher rents and food inflation has pushed many in the capital to the brink, with the difficulty of saving for a housing deposit putting home ownership out of reach. The poll found that over one in four renters as well as one in six mortgagees in London are likely to move in the next six months due to the cost of housing.

The Chancellor’s decision to extend the freeze on income tax thresholds is likely to hit young professionals the hardest – some are set to be hit with marginal tax rates of more than 50 per cent.

Chris Eldridge, CEO at Robert Walters UK&I, said that “As tax considerations continue to dampen professionals’ pay ambitions in their current company, this could drive an exodus, particularly of top talent, as they look to secure more substantial salaries elsewhere.