James warned that “storm clouds are gathering” at the launch of the retailer’s new-format store in Covent Garden last month.

“We currently have a fairly unusual political situation,” said James. “I think we’re due a cyclical recession.”

Since he made his statement, the idea that a recession is on its way has gained increasing credence among financial experts.

Some have warned the UK could have entered a technical recession. This week, the National Institute of Economic and Social Research (NIESR) thinktank said there is a one-in-four chance the country is already in a recession.