New Delhi, July 7 -- The UK's financial services industry, long regarded as one of the country's biggest competitive strengths, has lost momentum over the past 15 years and requires urgent structural reforms to regain its global edge, according to a new report by Boston Consulting Group (BCG).

The report argues that while the sector continues to rank among the world's largest, its contribution to domestic economic growth has weakened significantly.

"While the UK's financial services sector continues to appear a world leader on the surface, analysis beyond superficial metrics reveals fifteen years of underperformance," the report said. It added that "the virtuous circle - where a thriving financial sector feeds lending, investment and pr...