Wealth management and Financial Planning group Quilter said that while the UK economy expanded the most on record in the third quarter this is a catch-up and the bounce back has already begun to end.

Leading economists expect UK Gross Domestic Product to decline by a record -8.6% this year before bouncing back strongly in 2021 with a rise of 6.2% predicted next year.

Chancellor Philip Hammond today forecast lower GDP growth this year of 1.2% - significantly down on the 1.6% he forecast last autumn.

The Bank of England’s Monetary Policy Committee voted unanimously today to maintain the base rate at 0.75% in a move described by commentators as a “wait and see” approach by the bank.