Mohamed El-Erian, the renowned economist and bond market expert, believes the UK will suffer another Neil Woodford-esque investment fund suspension as asset managers “continue to over-promise on liquidity”.

The former chief executive of Pimco, the bond market giant, said fund managers were taking on “far too much” risk and were making “improbable” guarantees to investors. The result, he said, would be a repeat of the June closure of Woodford’s multi-billion pound fund, which shook the UK investment market.