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Rishi Sunak, the UK chancellor, is pushing to win a carve-out for the City of London in the G7’s push for a new global tax system to cover the world’s “largest and most profitable multinational enterprises”.

Sunak said the weekend’s “historic agreement” by G7 finance ministers would force “the largest multinational tech giants to pay their fair share of tax in the UK”.

But one official close to the talks said the UK was among those countries pushing “for an exemption on financial services”, reflecting Sunak’s fears that global banks with head offices in London could be affected.

HSBC, the UK’s biggest bank by revenues, generates more than half its income from China, while Standard Chartered, another UK-headquartered lender, conducts little business…

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