Stronger money supply data also pointed to rising inflation in the months ahead.

It has urged the government to immediately set up an action group that would supply data each week to ministers to help them to decide how best to support businesses.

Of the 34 able to supply data, 23 had seen a rise in the past 12 months, ten had seen a fall and one had seen no change.

The project needed government support to ensure that all providers were forced to supply data and to ensure that information on state pensions and public sector pensions was included.

Yields on benchmark ten-year gilts reached their highest level in three years as worldwide equities climbed and strong money supply data bolstered opinion that interest rates have further to rise.