According to the group, although the increase in consumer spending may be slower than in other sectors, they are ‘not expecting recession’.

Richard Dodd, spokesperson for the BRC, explains: ‘Of course the growth of the overall economy is certainly slowing but we are not expecting to actually see the economy shrink this year or next.’

However, according to the Distributive Trades Survey from the Confederation of British Industry, released at the end of July, sales volumes last month fell sharply.

Around 61 per cent of retailers said their sales in the first half of the month were lower than a year ago, while a quarter revealed they had increased.

This led to a balance of -36 per cent which was the lowest figure since the creation of the survey in 1983.