Many household names have joined the lengthening list of companies that are taking this action.

So far it is estimated that UK-listed companies have cut or cancelled more than £3.5bn worth of dividend payments in their fight for survival amid growing coronavirus disruption. This represents the biggest drop since the 2008 financial crisis.

High street retailers, pubs groups, property companies, car dealerships, travel companies and UK housebuilders were among those seeking to conserve cash, with more than £1bn in cuts announced on Wednesday alone.

Companies that are cutting, suspending or cancelling their dividend include high street giant Marks & Spencer, car parts retailer Halfords, furniture group DFS, and Premier Inn owner Whitbread.