The consultancy firm which warned the Mayor of New York that the city was in danger of being 'relegated to a regional market' is to carry out a similar review of London’s status as one of the world’s leading financial centres.

McKinsey, which conducted a review of New York for Michael Bloomberg last year, has been appointed to co-ordinate a review commissioned by Boris Johnson, the Mayor of London. It is being chaired by Bob Wigley, the chairman of Merrill Lynch in Europe.

The consultancy will work with a high-powered panel of senior City figures led by Wigley to recommend steps which need to be taken to protect London’s financial services sector. The panel includes Andrew Moss, chief executive of Aviva, Manny Roman, of the hedge fund, GLG Partners, and John Varley, chief executive of Barclays.

The review will consider the threat from the growing influence of financial centres such as Dubai, Singapore and Shanghai as well as domestic policy measures that might be damaging London’s business community.

Sunday Telegraph