THE president of the Institute of Chartered Accountants of Scotland has called for "tough leadership" from politicians and business figures to ensure the City retains a crucial role in global capital markets.

In a speech in front of Lord Mayor of London Alan Yarrow at the Mansion House, ICAS president Jim Pettigrew said: "The City has been the most remarkable success story for the UK economy since the industrial revolution.

"But we believe that we are now at an important moment where tough leadership is required from Government and business to ensure that we build on this success for the future. Over the next five years, we must act together in a way that we haven't done for the wider benefit of the UK economy."

City veteran Mr Pettigrew, who addressed more than 100 members of ICAS at the event, called on politicians and City leaders to unite to address five key areas.

He cited the importance of having the right number of people with the correct skills, and a competitive tax regime.

Mr Pettigrew also highlighted the need for the right regulatory oversight, and the best technology and "digital culture".

He also flagged a need to have the right access and relationships with global markets, adding: "That's not just about the current debate on Europe but it is how we connect the City in the most productive way with Asia, the United States and with the emerging capital markets of Africa and South America."

On regulatory oversight, Mr Pettigrew said: "At a time when there is such huge change in the regulation of our banks and other financial institutions, we need the right combination of checks and balances and the freedom to take the considered entrepreneurial risks which create wealth, generate more taxes for our public services and lead to more investment and more jobs."