“We have a four-year period for non-Doms. If you’re a highly paid employee, spend a few years here temporarily and then return home, that’s okay.

“But if you want to take on a managing director role in a bank, or anything from chief executive upwards, and you’re going to rely heavily on deferred bonuses (then) you’ll actually have a seven-year grace period rather than four years. “It might be more encouraging.”

5. Be comfortable taking risks

Much of the city is still reeling from the experience of the financial crisis, with regulators cracking down on bankers if they take too much risk.

But as Reeves noted in his speech at the Mansion House, the reluctance to take risks has gone too far.

Nitesh Palana, risk director at Think Machine, a banking technology company valued at more than £2bn, said: “The real issue is society’s attitude towards risk and our immediate response to negative events.

“When something unfortunate happens, the natural reaction, especially in the West, is to legislate or regulate to prevent it from happening again. Constantly adding new rules only increases the regulatory burden, making it impossible to monitor and enforce the rules. “The addition of new regulations therefore becomes a political issue rather than an actual change.”

Bob Wigley, chairman of industry lobby group UK Finance, said it was “the most proactive and pro-City Chancellor speech I think I can remember”.

But actions speak louder than words. Reeves must show that he’s happy to embrace more risk-taking in the city, even if it means more bumps in the road.