In a statement, the City said it “strongly condemned” the “culture of abuse” at the CBI after a series of claims of rape and sexual harassment at the under-pressure lobby group.

Earlier this month, the Guardian reported that it had spoken to more than a dozen women who claimed to be victims of sexual harassment while working at the CBI.

Two of these women say that they were raped.

The City of London Corporation said: “Following recent allegations of workplace misconduct and assault, the City of London Corporation has decided to suspend its membership with the CBI.

“The recent allegations have revealed a culture of abuse at the CBI that the City of London Corporation strongly condemns.

“The voice of business is an important one and we must ensure it is a voice that people and businesses can trust.”

The City of London Corporation is the governing body of London’s historic centre, which covers the majority of the capital’s financial sector.

It is responsible for local government services as well as supporting the financial industry.

Meanwhile, the CBI’s president Brian McBride on Tuesday confirmed that the firm had dismissed “a number of people” following allegations of sexual misconduct.

“In retrospect, we now know that we were complacent. And we made mistakes in how we organised the business that led to terrible consequences,” he said.

Mr McBride said that the group had not managed to filter out “culturally toxic people” when hiring.

“The group also did not act properly when allegations were made internally against these people,” he said.

“We tried to find resolution in sexual harassment cases when we should have removed those offenders from our business.

“In retrospect, this last point was our most grievous error, which led to a reluctance amongst women to formalise complaints.”

The CBI has in the past been a powerful voice for businesses across the UK, and claims to represent the interests of around 190,000 companies.