After a string of audit scandals in recent years, City grandees are pushing the sector’s watchdog to help the UK keep up with global competitors ahead of next week’s Autumn Statement in a bid to boost London’s flagging markets.

The Financial Reporting Council rolled back on a host of planned corporate governance reforms last week. City firms will no longer have to abide by new ESG or diversity reporting requirements, for example, as the UK government continues to look at where it can slash red tape to keep London on top as an international hub for capital amid a dearth of new listings and other companies heading overseas.