The majority of British boards expect the UK economy to deteriorate over the next 12 months as the combination of Brexit, trade wars and consumer slowdown begins to affect the country, according to an influential survey.

Two-thirds of FTSE 350 company secretaries expect the UK economy to decline, with almost 60 per cent saying their companies would be damaged by any form of Brexit, said the FT-ICSA survey.

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Sports Direct is facing an investor revolt against its board at its annual general meeting in September as the retailer fights to avoid becoming the first major listed UK business to fail to appoint an auditor.

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The UK will make a decision on whether to allow China’s Huawei equipment to be used in its 5G networks in the autumn, the digital minister Nicky Morgan said.