The London Business Daily, which is set to launch by the end of the year, is the brainchild of Lawson Muncaster, a former executive at Metro International, a Swedish company which publishes freesheets in major cities across the world.

No details of the print run or format were available, but newspaper industry sources believe that the title is likely to be produced outside London.

One said: "It's unlikely that it would be printed at Newsfax or West Ferry because they both print the Financial Times. It's most likely to go outside the city."

David Parsley, former business editor of the Sunday Express, has been appointed as editor of the project, and the management team is currently seeking second-round venture capital funding.

Story by Josh Brooks