The world's richest economies must do more to tear down trade barriers in services that ramp up costs for consumers and businesses, according to the Organisation for Economic Co-operation and Development.

The OECD said restrictions to services trade, which encompasses a wide range of sectors including banking, accounting, telecoms and insurance, had created costs for businesses that "largely exceeded" average tariffs on goods.

While restrictions differed by country and sector, the OECD said red tape across services markets added an average tariff equivalent of 40pc for exporters seeking to enter multiple markets.