Bloomberg – Hedge funds and other tenants in London’s Mayfair and St. James’s district, the world’s second- most expensive business location, face a doubling in property taxes in the next five years, real estate brokers said.

Tenants in central London may start demanding rent cuts to compensate for municipal business property taxes, known as “rates,” that may increase to 50 pounds ($81.50) a square foot by 2014 from 25 pounds now, according to adviser Jones Lang LaSalle Inc.

The tax, reset to property rental values in April 2008, will rise even as rents in London’s West End area are tumbling. Since that reference date, prime rents have fallen 46 percent to 58.50 pounds a square foot after inclusion of rent-free incentives, JLL said. The financial crisis and the recession have cut demand from financial services firms, which account for 60 percent of tenant seeking to locate in the district.

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This is London – Colin Sharpe, 31, disgraced himself at the West End charity ball by making a pass at Joe Delvaux’s wife.

When Mr Delvaux, 28, stepped in to defend her, Sharpe smashed a beer bottle over his head, Southwark crown court heard. The blow narrowly missed his eye and an artery and left him needing at least six stitches.

Sharpe was one of hundreds of guests at the party hosted by financial services giant Credit Suisse at the since-closed Paper nightclub in the Cafe Royal, Piccadilly, on 11 July last year.

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Tags: 11 july, beer bottle, charity ball, colin sharpe, credit-suisse, crown court, delvaux, financial-services-giant, piccadilly, stitches, this is london, west end