According to a press release from the professional services organisation, the sectors experiencing the biggest problems are household goods and the house construction sector.

The firm claims the collapse in confidence in the UK housing market, where prices have fallen by more than six per cent in the last year and mortgage approvals are at record lows, has increased the pessimistic mood.

Consumers are also cutting back their spending, according to the research. This has impacted on the retail sector, where 11 firms issued profits warnings in the quarter.