Christopher Dembik, global economics expert for trading platform Saxo Markets, provided a dire outlook for Britain this year as the cost of living crisis reaches unmanageable levels.

He said: ‘Imagine the graduate entering the workforce in 2009/10 being told it was a once in a lifetime accident.

“They are now in their early thirties and experiencing another once-in-a-lifetime economic crisis.

“They faced an economy of suppressed wages, no housing prospects, two years of socialization lost due to confinement, obscene energy and rent bills and now a long recession. This will lead to more of poverty and despair.

“The Bank of England now expects real after-tax household disposable income to fall by 3.7% this year and next.

“It would be by far the weakest two years on record since 1963. The lowest incomes are the hardest hit.

“The International Monetary Fund has found that the UK’s poorest households are among the hardest hit by the cost of living in Europe.

“They found that the cost of living for the poorest 20% of households is expected to increase about twice as much as for the richest households, for example.

“If this situation happened in France, there would be a street revolution. Remember the Yellow Vest Movement in 2018.

“But this is the UK. It’s not likely to lead to major political change. There will be more social distress, wealth inequality and poverty all around though.

“The world’s sixth largest economy will look even more like an emerging country, unfortunately.”