The death of the Christmas party is being mourned in offices across the land as cash-strapped companies decide to keep the glitter ball in storage.

The annual knees-up has emerged as an unlikely lagging indicator of the state of the broader economy. Last year, with the UK in the depths of the worst recession for 60 years, many firms partied on with budgets set before the collapse of Lehman Brothers sent shockwaves through the global financial system.