LONDON (Reuters) ? Lloyd?s of London chairman Lord Levene is to develop a plan for further reforms of the venerable insurance market in the wake of the departure of two major underwriters to Bermuda.

And the British Government will examine the business environment for the wholesale insurance sector as part of a package of reforms being launched by Chancellor of the Exchequer Gordon Brown following a meeting with ?high level? City of London business leaders.

Mr. Brown pledged yesterday that Britain will cut the regulatory burden for business and review the corporate tax regime.

Emboldened by the revival of the opposition Conservative party, big business has been increasingly vocal in complaining about the cost of doing business in Britain.

An election is still probably three years away but Brown, tipped to take over from Prime Minister Tony Blair, tried to reassure the City that he plans to keep London?s competitiveness intact.

?Today?s meeting has discussed concrete steps that will allow us to take forward an agenda, bringing business and government together,? he said. ?We look forward to continuing our discussions.?

The Treasury has undertaken to cut administrative burdens for companies by 25 percent and said the Financial Services Authority to look at further ways of reducing the load.

Brown also commissioned a review of how the tax authorities interact with big business and there was a particular nod to insurers after two last month said they would relocate to Bermuda to take advantage of an easier regulatory regime.

Treasury officials said Lloyds of London chairman Peter Levene would develop a plan to deliver further market reforms to improve efficiency and the government would examine the business environment for the wholesale insurance sector.

But while business generally welcomed the renewed emphasis on the City of London ? Brown?s closest ally Economic Secretary Ed Balls now calls himself City minister ? some said words needed to be translated into action.

?There is still some way to go before rhetoric matches reality,? said David Frost, director general of the British Chambers of Commerce.

The Conservatives? Tax Review Commission will present an interim report tomorrow and is expected to call for a radical shake-up of business taxes ? including cutting corporate tax to 25 percent from the current 30 percent.

But Conservative leader David Cameron has said he will not promise to cut taxes.

Brown, meanwhile, said the government would also do more to open up trade and promote financial services, with special attention to key markets like India and China.

He said he would soon visit India while Balls would visit Dubai.

?The City thrives on openness, so it is right to push for a new world trade deal and work with the European Union and the US to break down current barriers in financial services,? he wrote in an opinion piece in the Financial Times.

He also said the immigration system should reflect the country?s openness to skilled foreign workers and support should be given for innovation and improving the skills base.