A new survey from Brand Finance has crowned mobile phone giant Vodafone as the UK's most valuable brand, and the seventh most valuable globally.

The group leapfrogged HSBC bank to take top spot in the UK league, with the firm among 27 British companies listed in this year's survey of the world's 500 most valuable brands by consultancy Brand Finance.

The survey revealed that the telecom industry worldwide has witnessed growth second only to banking over the last 12 months, increasing in brand value by $97 million.

Vodafone ranks ahead of US giants AT&T and Verizon, and dwarfs Nokia, Orange, and T-Mobile globally.

Barclays, which on Tuesday reported record annual profits of £11.6 billion, grabbed the position to make the top 50 this year, securing 44th place, up from 77 in 2009.

"The banking sector has seen the largest increase in brand value in growing by 127 billion US dollars (£80.6 billion), highlighting a faster-than-expected resurgence following a near systemic failure", said Brand Finance.

Other UK brands that made the Global 500 include Dairy Milk maker Cadbury, which is being acquired by US rival Kraft, at number 273 with a 28% rise in brand value.