Two of the world’s biggest advertisers, Unilever and Procter & Gamble, reassured media owners and advertising companies that they would not cut their marketing budgets.

AG Lafley, chairman and chief executive of P&G, said: “Right now the plans are to spend about the same percentage of sales [on advertising as last year].” In particular, P&G would be increasing its communications in shops, where research said consumers were making more purchase decisions. “In a period of food price inflation, more of the shopping list is being decided in the store.”