The National Institute of Economic and Social Research has revised its GDP forecast to just under 1.5% due to weak economic performance in the first quarter of 2018.

Justin Urquhart Stewart, director and co-founder of investment provider 7IM, said that the UK economy was weakening and the economic cycle - and not Brexit - was the main culprit although he agreed Brexit had unnerved international investors.

Chancellor Phillip Hammond has said the Government’s task now is to prepare the economy to be resilient as Brexit looms.