Poor economic figures on Monday revealed inflationary pressures are rising to levels not seen in nearly 20 years and new data due on Tuesday are expected to show important parts of the economy are stagnating.

In a further sign of mounting worries for the government and the Bank of England, confidence has hit rock bottom in the housing market, with 19 in every 20 estate agents reporting falling prices in April, according to a monthly survey from the Royal Institution of Chartered Surveyors out on Tuesday.