The Commons Foreign Affairs committee also said it was wrong to speak of "the special relationship" with the US, as it was fostering other alliances.
However, the MPs did agree that the link between the countries was "profound and valuable".
The Foreign Office said the two nations share a "unique" bond.
The committee said the phrase "the special relationship" did not reflect the "modern" Anglo-American relationship.
It was originally coined more than 60 years ago by Winston Churchill."
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