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Adam Sopher, co-founder and chief executive at Joe & Seph's, the London-based luxury popcorn-maker, says the mere spectre of tariffs had already been affecting the business.

"So it is not huge," says Mr Sopher.

"So essentially what's happened is we're going to go from 5.8% to 10% as opposed to zero to 10%," says Mr Sopher.

Rick Sopher, chairman of LCH, a fund of funds firm that tracks returns and is part of the Edmond de Rothschild Group, said 2022 was a year of "great divergence" in which several of the top 20 managers managed to make gains for their investors despite the significant falls in equity and bond markets.

"The net gains generated by the top 20 managers for their investors ... were the highest ever," topping 2020's gains which also set a record, Rick Sopher, LCH's chairman said.