In a speech on Tuesday, Mr Johnson promised an “infrastructure revolution”, arguing the government needed to “work fast” to support jobs whilst also seeking to “level up” the economy so that all parts of the country can benefit.

He said the government would introduce “the most radical reforms of our planning system since the end of the Second World War” to speed up building and infrastructure projects where, he argued, the UK compares unfavourably with other European countries.

As part of what he called a “new deal”, the prime minister set out plans to accelerate £5bn of spending on infrastructure projects.

Meanwhile, separate ONS data on the nation’s finances, external showed that Britain’s current account deficit widened by more than expected in the first quarter.

The balance of payments deficit – the difference between the value of the goods and services that a country imports and the goods and services it exports – rose to £21.1bn, or 3.8% of GDP.

This means the UK is reliant on inflows of cash from abroad and leaves the pound vulnerable, according to Mr Tombs.

“Sterling almost certainly would depreciate sharply again if a major second wave of Covid-19 emerges or if the UK and EU fail to either sign a trade deal or to extend the transition period before the end of this year,” he said.