The debt advisory specialists state that the initial estimates from the Office for Budget Responsibility (OBR) will be correct and that the defaults will reach £22bn, which would be around 30% of the £73.7bn delivered through the two schemes in total.

The overall figures for each covid support measure delivered £26.39bn through the coronavirus business interruption loan scheme and £47.36bn through bounce back loans.

The latest figures also show that the coronavirus job retention scheme (CJRS) paid out £68.5bn up to 16 August of this year.

The end of the furlough scheme will enhance the strains on cash flow which will almost certainly cause higher levels of loan deferral, with many businesses also needing to find additional cash to repay deferred VAT.