“However, it is unlikely this will come through further interest rate rises in the UK, which is now at the highest it has been since the global financial crisis.”

Specifically, Mr Debenham cited developments across the pond which could point towards future economic trends in the UK.

He added: “Raising the rate of interest does have consequences. Theoretically, a hike should reduce inflation by curbing consumer spending.

“However, given the current market uncertainty, it is difficult to assume a modest rise will have any immediate or prolonged impact on the economy.