Bankers will flee the bonus tax, says Robert Walters

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The firm, one of the biggest headhunters in the Square Mile, hit out at the 50% tax on bonus payments above £25,000 introduced by the Government in last week's Pre-Budget Report.

Finance director Alan Bannatyne said "the Government shenanigans around bonuses" could drive the best talent abroad to rival financial centres.

He said: "When people see retrospective announcements they get scared and start thinking about moving. It will be very detrimental to London in the long run if bankers do decide to move elsewhere. They are very mobile."

It came as the firm said it could make a profit this year as the recruitment market recovers.

Chief executive Robert Walters said he "now expects to achieve break-even or a small profit" for 2009.

It made losses of £2.6 million in the first half of the year and analysts were expecting losses of £2 million for the full year.

Robert Walters shares jumped 5p to 184½p today.

Bannatyne said that the clampdown on bonuses will be good for business in the short term as bankers look to move to firms which increase basic pay to compensate.