Woodford expects stock market woes to continue

"The UK’s economic performance in 2019 will, in that context, stand out from most of its peers."

The view that quantitative easing has artificially inflated the global economy and will lead to a downturn as the policy is removed is not one that is universally held by investors.

David Miller, investment director at Quilter Cheviot, said QE’s impact on financial markets was similar to 'pouring water into a bucket with a hole in it'.

He said: "If you are trying to fix the bucket, while you are fixing it water will fall out, but if you pour water into the bucket as you are fixing it, the bucket never empties. Then when the bucket is fixed you don’t need to pour more water in.

"The global financial crisis caused a hole in the bucket, and QE is like water poured into it, but as the economy repairs, there isn’t a need for as much water."

Jonathan Davis, who runs Jonathan Davis Wealth Management in Hertford, said the notion that the global economy was on the brink of a sharp downturn was "nonsense".

He added: "The global economy is OK - not great at all but not recessionary.

"In the US we have not seen a quarter with falling corporate earnings since 2015. To that year we saw five in a row. We haven't recently seen one.

"China and US can - and need to - make up."