It has been reported that British politicians have rallied round BP as the British energy giant struggles with an out-of-control spill in the Gulf of Mexico and falling share prices.

According to the reports of The New York Times, the company has long been one of the stalwarts of the London Stock Exchange. Many pension funds own large blocks of stock and have taken a huge hit as the price has dropped 40 percent.

Some U. S. politicians were accused of "anti-British rhetoric," by London Mayor Boris Johnston, a Conservative.

Johnson told the BBC on Thursday, "When you consider the huge exposure of British pension funds to BP, it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves."

The Times also said that President Barack Obama has annoyed some Britons by referring to the company by its former name, British Petroleum.

Officials on both sides of the Atlantic were urged by Chancellor of the Exchequer George Osborne to remember "the economic value BP brings to people in Britain and America." He said he had talked to Tony Hayward, BP's chief executive officer.

An advocacy group has said that BP, the third largest oil company worldwide, paid $1.4 billion in taxes last year in Britain. Thirteen percent of the total dividends from British companies last year came from BP. (With Inputs from Agencies)