The announcement comes after PwC’s partners are set to receive a record £1m in total compensation. This is made up of an average distributable profit of £920,000 per partner, up 12% on the previous year (£818,000), and an additional sum from the disposal of the group’s Global Mobility and Immigration business, average £105,000 per partner.

The big four firm’s annual results showed revenues grew 12% to just over £5bn, reporting a total consolidated profit of c.£1.5bn.

Kevin Ellis, PwC Chair and Senior Partner, said: “Our business is diverse - demand across all our services has driven our strong performance. This reflects exceptional client demands to challenges and opportunities on multiple fronts. It is a testament to the quality of our people and services and the multi-year investments we have made.

“Our clients have drawn on specialist skills and experience from across our business in response to the pace of change as they’ve dealt with supply chain complexity, the accelerated climate change challenge, energy scarcity and higher inflation issues. In the face of disruption they want to understand how technology can help them as they transform their businesses.”

Despite a positive position and outlook, the firm expects reduced partner payouts next year. Mr Ellis commented: “I don’t see the market slowing any time soon, but we can’t be complacent. High inflation and high employment, which haven’t been seen together for a long time, is a combination that will impact all businesses.

“We’ve invested heavily to put us in the best position to deal with these challenges which will likely reduce partner profits next year as things currently stand. It’s not just about financial investment but creating the right culture to stand us in good stead, and best support our people, clients and communities.”