The latest Deloitte quarterly survey of chief financial officers and group finance directors of major companies in the UK took place in June and found that 63% of CFOs expect the UK to go into recession, although they still expect to continue ongoing investment programmes.

They were concerned that the UK economy is stalling with higher inflation than previously forecast. Increases in the Bank of England’s base rate since the start of the year was having a profound effect, with credit being more costly than at any time in the last decade.