In the financial sector, including accountancy and law firms, 64% of senior leaders are from higher socio-economic backgrounds, almost double the national average (37%). Only 21% of senior level executives are from working class backgrounds. This is compared to 28% at junior level and 39% across the working population.

The report, Building the Baseline: Breaking the Class Barrier, is the first of its kind on socio-economic diversity at senior levels across the UK’s financial and professional services. The findings are based on a survey of 9,000 employees across 49 financial organisations.

Catherine McGuiness, chair of the city of London Corporation socio-economic diversity taskforce, said: ‘This ground-breaking survey underlines the need for urgent action to break down barriers preventing people from working-class backgrounds reaching the top across UK financial and professional services.