In particular the firm points to April’s National Insurance hike as a further blow to consumers’ disposable income.

While National Insurance will squeeze household earnings, it also adds to wage bills for stretched employers already having to budget for a rise in the minimum wage.

As a result, the trend of rising numbers of planned redundancies could continue with plans for expansion also put on hold.

Chancellor Rishi Sunak has already experienced widespread criticism for the timing of the hike, with disappointment that a delay wasn’t announced at the Spring Statement.