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Research by comparison website, uSwitch, found that 85% of people expected to carry credit card debts into the New Year, while 52% still expect to be paying these debts off next Christmas.

Elsewhere the positive end to the year enjoyed by the markets has carried over, with most markets gaining on their previous record high valuations. Even more Brexit controversy, with the UK ambassador to the EU not only resigning but giving the government both barrels on the way out, failing to have much impact.

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The currency has lost 17 per cent versus the US dollar since June’s referendum. Theresa May went in front of the House of Commons to discuss her plans for activating Article 50 on Monday. Although the prime minister is confident in the UK’s negotiating position, details remain unclear and investors continue to sell the pound.

The UK’s economy continues to provide mixed signals after June’s referendum with UK inflation jumping more than expected in November. The increase to 1.2 per cent from 0.9 per cent was the largest monthly increase since October 2014.

In Italy, the rejection of constitutional reform has resulted in the resignation of prime minister Matteo Renzi – prompting calls for an early election in which the anti EU Five Star party is expected to do well.