The world's biggest banks are preparing to demand tax cuts of up to £4bn a year post-Brexit, after paying tens of billions in extra levies to the Treasury since the financial crisis.

Bank chiefs want Chancellor Sajid Javid to back up the Government's "Global Britain" slogan with action and convince global financial giants to commit to the UK.

Mr Javid is expected to set out big spending plans for the north of England in March's Budget. Executives hope to convince him that a show of support for the City of London would reassure international companies and investors that they have not been forgotten in the rush to the regions.

Bosses say they are inundated with offers from EU countries keen to attract their business after Brexit.

“Macron is rolling out the deep-pile red carpet,” said a source close to the requests going in to the Treasury, referring to the French President’s efforts to win over bankers.

It is understood that the campaign is a coordinated effort between the biggest British, European and American banks.

It comes as the City gives up hope that the UK and EU will agree a mutual equivalence deal which would allow financial services to continue flowing largely uninterrupted across the Channel after Brexit, adding to their worries and increasing demands for some other support for the sector.

Two taxes are in their sights – the bank levy, and the bank surcharge.