However, Chancellor George Osborne still appears in no mood to listen to the growing cacophony of warning signals.

The International Monetary Fund, which supported the Conservative-Liberal Democrat Government's austerity measures, yesterday slashed its forecast of UK growth this year from 0.8% to 0.2%. The Office for Budget Responsibility, set up by the chancellor, had projected growth of 2.8% this year before Mr Osborne's first Budget in June 2010.

There are debates to be had around the level of business rates faced by retailers, and about how to ensure the continuing prosperity of town centres, for example by encouraging more residential provision.

But the key issue for the large proportion of retailers, and hoteliers, at risk of insolvency is the fact UK consumers are on the ropes in the wake of value-added tax hikes, amid fears of job losses.