The UK government should reduce the overall tax burden on its banks, as well as bolster fintech and future growth markets like ESG investing, to maintain its competitive edge and knock the US off the top spot for international financial centres, a new report has said.

Lobby group TheCityUK says a new strategy to “return the UK to being the world’s leading international financial centre within five years” is needed as the country prepares for a post-pandemic economic recovery and the ongoing impact of leaving the European Union.